Dubai: Sharjah master-developer Arada has launched its first project in Dubai, at Jumeirah Golf Estates, with prices on the townhouses and villas ranging from Dh3.5 million to around the Dh30 million mark. Sales have opened as Arada looks to markets beyond Sharjah for its next stage of expansion.
But the developer did spring a surprise of sorts – earlier this year, it had bought a plot on the Palm Jumeirah for a luxury project. This was supposed to be the first launch, but has now been shifted to first quarter 2023.
Arada’s Jumeirah Golf Estates project is called ‘Jouri Hills’ and will feature 294 standalone homes – a category heavy on demand in Dubai and also requires a lot of topping up. The developer expects to generate sales of Dh2 billion from the project, with construction set to start mid next year. Completion is scheduled by mid-2025.
“For Jouri Hills, we acquired 2.3 million square foot as part of the JGE extension,” said Ahmed Alkhoshaibi, Group CEO of Arada. “We were always clear that Dubai would be our first market outside of Sharjah.
“We saw in JGE a mature location and with its two professional golf courses and other features, an ideal setting for ultra-luxury homes. Our Palm project is only off by a couple of months from our original plans, and that too will generate Dh2 billion in sales.”
A 40 million square feet spread, Jumeirah Golf Estates is well established by now, with multiple residential clusters. Recently, Dubai’s Signature Developers launched a super-premium project there, as Dubai continues to draw in wealthy buyers from within and outside.
Lining up Saudi Arabia
With its Dubai plans slotting in, Arada’s attention will turn to possibilities in Saudi Arabia and ‘in international markets’. “Early- to mid-next year, we will be in a position to confirm where that would be,” the CEO said.
“In Sharjah, we are well settled with the three projects – Aljada, Nasma and Masaar. Our share of the offplan space in the emirate is at 70 per cent and we have been getting 30 per cent annual increases in sales since inception.
“So, the way we look at it, this does set us up nicely for expansion into new markets. As to how this will be financed, we are sure of the funding options available to us, and we will keep monitoring closely how future market cycles show up in demand.”
