Sharjah-based property developer Arada has announced the launch of W Residences at Dubai Harbour, a new luxury development comprising three seafront towers. This project features a selection of amenities and is situated in one of Dubai’s most sought-after districts.
In partnership with Marriott International, over 400 exquisitely designed branded apartments in the AED5 billion ($1.36 billion) development are now available for purchase, allowing residents to embrace a vibrant, fulfilling, and active lifestyle.
Sustainable design and architecture
Scheduled for completion in 2027, W Residences at Dubai Harbour will boast a LEED Silver-certified design, providing an opulent marina living experience with stunning views of the Dubai skyline. The 40-storey building’s architecture draws inspiration from its surroundings, seamlessly integrating the promenade, harbour, and sky to highlight the unique coastal and urban scenery.
Arada’s Vice Chairman, Prince Khaled bin Alwaleed bin Talal, highlighted that W Residences at Dubai Harbour exemplifies the development and design expertise of Arada, combined with the dynamic urban spirit of the W Hotels brand by Marriott International, creating a new luxurious landmark in Dubai’s skyline. He expressed eagerness to collaborate closely with partners to bring this exceptional project to fruition.
Furthermore, Jaidev Menezes, regional vice president for Mixed-Use Development – EMEA at Marriott International, conveyed excitement about the collaboration with Arada, noting that W Residences at Dubai Harbour would introduce the captivating lifestyle of the W brand to the appealing waterfront destination.
W Residences at Dubai Harbour marks Arada’s third venture in Dubai, following Armani Beach Residences at Palm Jumeirah and Jouri Hills at Jumeirah Golf Estates, and is the fifth branded residences project in the UAE.
Recent financial success
Last month, Arada successfully completed a $150 million tap of its existing $400 million sukuk, which was originally issued in June and is listed on both the London Stock Exchange and Nasdaq Dubai. This latest tap increased the total issuance to $550 million, exceeding the benchmark size.
The tap was priced at $102.54, yielding 7.35 percent, which reflects a tightening of 15 basis points from initial pricing expectations. Arada reported that, excluding demand from joint lead managers, the subscription order book reached over $480 million, 3.2 times the offered amount.
Engaging with investors
The company’s commitment to engaging investors was demonstrated through extensive roadshows in the U.K. and the GCC region. Feedback and inquiries from these events contributed to the decision to issue the tap. This tap follows Arada’s earlier public financing deal in June, which was priced at 8 percent and attracted a subscription order book of $1.45 billion, 3.5 times the offer size.
Appointing global coordinators
Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD Capital, Mashreq, Sharjah Islamic Bank, and Standard Chartered Bank were appointed as joint global coordinators for the tap. Additionally, the joint lead managers and bookrunners included the same banks along with Warba Bank.
Moreover, the proceeds from the sukuk tap will be allocated for general corporate purposes and will help support the development of Arada’s ongoing projects.
Credit ratings and market performance
In 2022, Moody’s and Fitch assigned Arada first-time credit ratings of B1 and B+, respectively, both with a stable outlook. Since its inception in 2017, Arada has successfully launched six projects in Sharjah and Dubai, achieving a total sales value of AED60 billion. Last year, the developer reported a 100 percent increase in property sales, reaching AED7.02 billion.
Expansion into new markets
To date, Arada has sold over 14,000 units, with more than 10,000 already completed. In August, the company announced its first expansion into the Australian property market, launching an office in Sydney and unveiling a project pipeline valued at AED6 billion.
Milestone completion in Masaar
In September, Arada also completed the second and third phases of Masaar, a forested megaproject in the Suyoh district of Sharjah. The handover process for all 986 homes in the Kaya and Robinia districts has begun, marking a significant milestone as this exciting new master community reaches 50 percent completion.
Diverse residential offerings
According to a statement, the Kaya and Robinia areas offer a range of residences, from two-bedroom townhouses to five-bedroom Forest Villas, all equipped with smart home technology. Additionally, these homes are ideally located next to Masaar’s prominent feature—a beautifully landscaped and walkable ‘green spine’ containing 70,000 trees.
