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UAE property developer Arada has launched a $544 million (Dh2 billion) project in Dubai as it cashes in on strong demand and seeks to grow in other markets like Saudi Arabia and Australia.
According to Prince Khaled bin Alwaleed, Vice Chairman of Arada, the Jouri Hills project, which includes 294 luxurious villas and townhouses, would be built at Jumeirah Golf Estates in Dubai.
Prince Khaled stated that the construction was going to start in 6 months and would be completed in 2 years. He added that sales for the first phase of the project started this week at the property exhibition.
According to credible sources, this will be Arada’s first project in Dubai. The Sharjah-based real estate developer purchased a plot of land for $65.35 million (Dh240 million) on Dubai's Palm Jumeirah earlier this year but has not yet begun construction.
The UAE's property market made a significant comeback in 2021 as it recovered from the slump caused by COVID-19. The trend has continued this year as the nation's economy continues to grow rapidly. It is anticipated that the economy will expand at its fastest pace in more than a decade.
According to a survey released by property consulting firm Asteco in October, villa sales prices in Dubai surged 19% yearly, while apartment prices increased 17% during the third quarter of this year. Sales prices for villas and apartments in Abu Dhabi jumped 4% annually during the three-month span.
Arada CEO Ahmed Alkhoshaibi stated that the Jouri Hills project would be funded through a mix of equity and debt.
The developer also settled a $100 million Islamic bond deal after investing in an existing $350 million sukuk that had been issued and listed on the London Stock Exchange in June.
Prince Khaled claimed that Arada was in talks with different organizations, such as the Ministry of Housing and Roshn, a Public Investment Fund firm, to discuss about starting a project in Saudi Arabia.
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