One of the major developers of Sharjah is expanding its business and entering the Dubai real estate market. Arada is going to begin land development on the legendary island of Palm Jumeirah.
It was purchased for $65 million from Dubai’s main developer, Nakheel. A state-of-the-art luxury housing project with an area of more than 20,000 sq. m can be implemented in the emirate.
Sales will begin after the project is approved. According to the CEO of Arada, Ahmed Alkhoshaibi, the construction group won the auction among many competitors, as a lot of people were ready to buy the last land on the coast from Nakheel. A good location in one of the most popular places of the emirate makes the construction promising.
The cost of the project is $ 410 million. It will be processed in the third quarter of this year. The general idea is to create the most comfortable conditions, which became obvious during the epidemic. At the end of last year, Palm Jumeirah was popular with investors. There is not only the greatest demand but also an increase in price capitalization, which makes the developer's investments profitable and recoupable.
