14 Hrs
Source:
Sky News
Plans for 560 million AED Australian housing project
Arad Real Estate Development Company has received approval to develop the "London Place" residential project in Sydney, valued at 560 million dirhams. Construction is scheduled to begin in the second quarter of 2027 and is expected to be completed by the fourth quarter of 2029. The tower, which consists of 33 floors and includes 156 residential units—16 of which are designated for affordable housing—will be located in the vibrant Campsie neighborhood, with design by Woods Bagot. This approval is a significant step within the company’s expansion plan in Australia. It marks the first of five projects in the region and represents a qualitative leap for the area, especially with the upcoming opening of the Camsie Metro Station, which will facilitate access to the city center in less than 20 minutes. The approval was granted swiftly within just four months, far shorter than the targeted 275 days, due to the project's classification as of high significance at the state level, allowing for faster procedures. This reflects the company's strategy of long-term investment in high-potential areas, especially as urban development activities in the Camsie suburb increase. Since entering the Australian market in 2024, Arad has built over 6,000 homes in the region. Its global project portfolio now reaches 171 billion dirhams, encompassing more than 70,000 residential units across the UAE, the United Kingdom, Australia, and Syria.
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