UAE's Arada to develop $1.36bn twin-tower residential project in Australia

The Sharjah-based Arada Group is constructing a $1.36 billion residential project in Queensland, Australia. The twin-tower development in Broadbeach on the Gold Coast will include nearly 1,000 homes, ranging from one to three bedrooms, spread across two towers connected by a landscaped podium. The property will offer additional amenities such as a gym, pool, sauna, steam room, library, lounge, work-from-home spaces, and 1,200 square meters of retail units.

The project is slated for completion before the 2032 Olympic and Paralympic Games, which are expected to spur demand for residential property in Southeast Queensland. Arada's confidence in the Gold Coast and broader South-east Queensland market is evident in this announcement. The Gold Coast is experiencing rapid population growth due to interstate migration, major infrastructure investments, and its status as a desirable lifestyle destination.

Arada, a joint venture between KBW Investments and the Sharjah-based Basma Group, is expanding its Australian presence, with a pipeline of eight projects totaling over 5,000 homes. The company acquired contractor Roberts last year to bolster its Australian operations. Arada's investments extend beyond Australia, including in Brooki Bakehouse and Boost Juice. Globally, the company's projects and portfolio span the UAE, the UK, and Australia.