Sharjah’s Arada awards Dh322m contract for 920 homes
Dubai: Sharjah’s biggest developer Arada has finally confirmed its entry into Dubai’s property market, acquiring a Dh240 million plot on the Palm to build a Dh1.5 billion luxury project.
“This was the last beachfront location with Nakheel (Palm’s master-developer) and we were chosen from the many who were interested in the plot,” said Ahmed Alkhoshaibi, Group CEO of Arada, which is the name behind the Dh24 billion Arada mixed-use project in Sharjah and the all-villa ‘forest’ community Masaar, also in that northern emirate.
“We believe the Palm location is one of the best there is – if not best location. This is the right time for us to make an entry into Dubai. It was always the plan that once we set a benchmark within Sharjah, we would move into new markets.”