Abu Dhabi-based property development company, Aldar Properties has acquired a prime beachfront plot of over 40,000 square meters located on Al Marjan Island in Ras Al Khaimah.
The company said in a statement that the land was bought from Marjan, the master developer of freehold properties in Ras Al Khaimah, and paves the way for residential development on the island.
Aldar intends to combine the plot acquired from Marjan with existing land purchased as part of the DoubleTree by Hilton Resort & Spa Marjan Island acquisition earlier this year to develop a mixed-use residential community overlooking the Arabian Sea.
“Ras Al Khaimah continues to represent an attractive market for Aldar, driven by the Emirate’s demographics, strong market fundamentals, and dynamics. Its appeal as an investment and living destination continues to grow, benefiting from the return of leisure travel and the continued efforts and execution of the Emirate’s strategy to attract investment, residents, and visitors. With this new land deal and our recent acquisitions, we are excited about Aldar’s growth potential in the market.”
Set to launch in 2023, the development will become Aldar’s first residential community in Ras Al Khaimah with a mix of over 2,000 branded and premium residences with access to retail spaces, a beach club, and two kilometers of private beach.
Commenting on the acquisition, Mr. Abdulla Al Abdouli, CEO of Marjan, stated that, “Al Marjan Island is regarded as a world-class leisure and lifestyle destination, and it continues to attract interest from leading regional and international investors and operators.”
“Our role is to deliver the long-term vision of the leadership to establish Ras Al Khaimah as one of the region’s preferred lifestyle and investment hubs and it gives us great pleasure to see this vision come to life. Aldar’s first residential project in Ras Al Khaimah reflects its trust in Al Marjan Island as a destination,” Mr. Al Abdouli added.