Sharjah-based Arada Group is developing a Dh5 billion ($1.36 billion) residential project in Queensland as part of the company's expansion in Australia.
The twin-tower project in Broadbeach on the Gold Coast will be built by Arada’s construction unit, Roberts, the company said in a statement on Thursday.
It will have close to 1,000 homes ranging from one to three bedrooms across two towers connected by a landscaped podium. Other amenities include a gym, a pool, a sauna and a steam room, as well as a library, a lounge, work-from-home spaces and 1,200 square metres of retail units.
The project is targeted for completion before the 2032 Olympic and Paralympic Games, which are expected to drive demand for residential property across South-east Queensland.
“The announcement reflects Arada’s confidence in the Gold Coast and the broader South-east Queensland market,” the developer said.
“One of Australia’s fastest-growing regions, the Gold Coast is experiencing significant population growth, supported by interstate migration, major infrastructure investment and the city’s enduring appeal as a lifestyle destination.”
The latest announcement comes as Arada, a joint venture between KBW Investments, a company controlled by Prince Khaled bin Alwaleed, and Sharjah-based Basma Group, is continuing to expand in Australia and other markets.
After entering Australia in 2024, the company now has a pipeline of eight projects that include more than 5,000 homes across the country, it said.
Last year, Arada acquired contractor Roberts to expand its business in Australia. It also has other investments, including in Brooki Bakehouse – one of Australia's fastest-growing dessert brands. It holds a master franchise agreement for Australian consumer brand Boost Juice across the UAE.
“This is our first development outside New South Wales, and it reflects our growing ambition to grow in key urban markets around the country,” Ahmed Alkhoshaibi, group chief executive of Arada, said.
Globally, Arada has projects valued at Dh130 billion and a portfolio of more than 55,000 homes across the UAE, the UK and Australia.
In June, it unveiled a 172-apartment residential project in London. It is the company’s first scheme in the UK capital following the acquisition of Regal, a London-based mixed-use developer. Regal has been renamed Arada London.
Arada is also aiming to start projects this year in Dubai and Ras Al Khaimah despite uncertainty over the Iran war.
The company is growing additional business verticals in the UAE. This year, Arada bought a majority stake in Abu Dhabi's Reem Hospital as part of the master developer’s Dh2 billion commitment to expand its hospital portfolio across the country.
