On Al Marjan Island in Ras Al Khaimah, Aldar Properties announced that it had purchased a spectacular beachfront plot measuring more than 40,000 square meters. The site, which clear the way for residential development on the island, was purchased from Marjan, a master developer of freehold homes in Ras Al Khaimah.
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.
With approximately 2,000 branded and luxury residences, access to retail areas, a beach club, and two kilometers of private beach, the development, which is scheduled to open in 2023, will become Aldar’s first residential community in Ras Al Khaimah.
Commenting on the acquisition, Talal Al Dhiyebi, Group Chief Executive Officer at Aldar Properties, said, “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.”
Abdulla Al Abdouli, CEO of Marjan, stated, “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.”