UAE-based developer Arada has purchased a plot of land in Zabeel 2, adjacent to Dubai International Financial Centre (DIFC), to develop a high-end luxury residential project. 

The land plot was purchased for 600 million UAE dirhams ($163.37 million) from Rital Properties, the real estate subsidiary of Emirates NBD, Arada said in a press statement.

The 138,466 sq ft land plot is close to both Index Tower and Central Park Towers.

 The developer plans to develop the land into a 50-floor luxury residential tower comprising 400 apartments.

“The site is our third prime location in Dubai and underscores our commitment to deliver exceptional projects,” Prince Khaled bin Alwaleed bin Talal, Vice Chairman of Arada, said.

Design work on the high-end residential project has already begun and full details will be revealed "soon", the developer said in its statement.

Arada launched its first project in Dubai in Jouri Hills at Jumeirah Golf Estates at the end of 2022, and has announced a partnership with the Armani Group and Japanese architect Tadao Ando to build the ultra-luxury Armani Beach Residences at Palm Jumeirah.

 A fourth project in Dubai will be announced in the first quarter of 2024.  

The company is developing three master-planned communities valued at AED33 billion in the northern emirates, including Aljada, a mixed-use community in Sharjah.

(Writing by P Deol; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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