Aldar Properties stated that it had acquired a magnificent beachfront parcel covering more than 40,000 square meters on Al Marjan Island in Ras Al Khaimah. The plot was bought from Marjan, a master builder of freehold residences in Ras Al Khaimah, clearing the way for residential construction on the island.
Aldar wants to build a mixed-use residential neighborhood with a view of the Arabian Sea by combining the property it bought from Marjan with the land it already owns that it bought earlier this year as part of the DoubleTree by Hilton Resort & Spa Marjan Island deal.
The development, which is slated to debut in 2023, would house about 2,000 branded and opulent apartments, provide access to shopping centers, a beach club, and two kilometers of private beach. Aldar will establish this as its first residential community in Ras Al Khaimah.
Aldar Properties’ Group Chief Executive Officer Talal Al Dhiyebi commented on the purchase by saying, “Ras Al Khaimah continues to offer an attractive market for Aldar, underpinned by the Emirate’s demographics, solid market fundamentals, and dynamics. Benefiting from the resurgence of leisure travel as well as ongoing efforts and execution of the Emirate’s strategy to attract investment, residents, and visitors, its appeal as an investment and living destination keeps expanding.
“Al Marjan Island is regarded as a world-class leisure and lifestyle destination, and it continues to attract interest from top regional and international investors and operators,” said Abdulla Al Abdouli, CEO of Marjan. It brings us tremendous pleasure to see this ambition come to fruition because it is our responsibility to carry out the leadership’s long-term vision to make Ras Al Khaimah one of the region’s most popular lifestyle and investment destinations. Its confidence in Al Marjan Island as a travel destination is reflected in Aldar‘s first residential project in Ras Al Khaimah.