Dubai: The Sharjah master-developer Arada has chosen Australia for its first international expansion. The company has opened an office in Sydney as part of plans to launch 'multiple projects' in the city.
The investments in Australia are expected to be in the range of Dh6 billion. These projects will 'contribute towards urban renewal required to address the current housing shortage in Sydney'.
The aim is build over 2,500 homes in Sydney, Australia's most populous city. The sales and construction for Arada’s initial projects will begin in 2025. "With significant land holdings, the sites will deliver extensive commercial and retail components, providing significant employment opportunities in the local community," the developer said.
Leading UAE developers have been busy with overseas expansion, but much of that have been in other GCC and Middle East markets, Europe, South Asia, and even the US. The choice of Australia marks quite a marked departure.
It was recently that Arada launched projects in Dubai, which include an Armani branded residential one on the Palm Jumeirah.
Arada's CEO Ahmed Alkhoshaibi, who incidentally was born in Australia, will be in charge of these operations. “Launching in Australia marks a pivotal moment for Arada as we continue to realise our vision of integrated residential communities that help people lead happier, healthier and more meaningful lives," he said.
“Arada is passionate about delivering activated precincts that deliver a community-based approach to housing supply. Our initial projects in Sydney are strategically located within growth corridors, aligning with local government initiatives to expand housing near transport hubs and minimizing strain on existing infrastructure."
Arada has chosen Woods Bagot to design and deliver its vision to the Australian market.
In the UAE, Arada has six projects with a combined sales value of AED60 billion. These include Sharjah’s largest mixed-use project, Aljada. In 2023, the developer doubled the total value of property sold to Dh7.02 billion from the previous year. In total, Arada has sold 14,000 units since 2017 valued at over Dh17 billion. More than 9,000 of these are completed.
