Abu Dhabi-based Eshraq Investments PJSC (Eshraq), recently announced that its Marina Rise mixed-use project on Reem Island has been leased more than 60 percent in less than 60 days after starting the handover process.
Marina Rise is Eshraq’s first project to generate recurring revenue for the company. The project received a Building Completion Certificate from Abu Dhabi Municipality in July 2021 and commenced the handover process of commercial and residential units from September 1, 2021.
Marina Rise, a mixed-use development attracting interest from millennials and other demographics, especially those working in or near ADGM and Hub 71, adds vibrancy to the Reem Island community. Moreover, retail spaces within the project are of great interest to businesses seeking a waterfront location.
Ajit Joshi, delegated member, board of directors of Eshraq, said: “The fact that we were able to achieve more than 60 percent occupancy in such a short period of time demonstrates the high quality of the development and underlines the effectiveness of our build-to-lease strategy. We have also demonstrated this with our other premium leasing and hospitality projects, including apartments in DIFC and Nuran Marina Hotel Apartments, which continue to outperform the market and have high occupancy rates. The Marina Rise development not only adds to our recurring revenue but also helps us monetise our land bank so that we can start developing our next land plots adjacent to Marina Rise.”
In addition to 233 residential units and waterfront retail units, Marina Rise Tower is a mixed-use building on Reem Island’s west side. Besides five land plots in the same area, Eshraq also owns five other plots and is looking to start design work on the next development.