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

Sharjah-based Arada Group is set to develop a $1.36 billion twin-tower residential project in Queensland, Australia, as part of its expansion in the country. The Broadbeach project, located on Australia's Gold Coast, will consist of approximately 1,000 homes with one to three bedrooms spread across two towers connected by a landscaped podium.

The amenities for residents will include a gym, pool, sauna, steam room, library, lounge, work-from-home spaces, and 1,200 square meters of retail space. Arada aims to complete the project before the 2032 Olympic and Paralympic Games, anticipating strong demand for residential property in South-east Queensland due to population growth, infrastructure investment, and the region's popularity as a lifestyle destination.

The developer attributes the announcement to Arada's confidence in the Gold Coast and the broader South-east Queensland market. Arada, a joint venture between KBW Investments and Sharjah-based Basma Group, is continuing to grow its Australian portfolio, which now includes eight projects with over 5,000 homes. The company acquired contractor Roberts last year and holds various investments, such as the Australian dessert brand Boost Juice and a master franchise for Boost Juice in the UAE.

Arada also recently unveiled a 172-apartment residential project in London, its first in the UK following the acquisition of Regal, which is now known as Arada London. The company is planning to start projects in Dubai and Ras Al Khaimah despite ongoing tensions in the Iran war, and it has recently acquired a majority stake in Abu Dhabi's Reem Hospital.