Aldar Properties announced the acquisition of a 40,000 square metre prime beachfront plot on Al Marjan Island, Ras Al Khaimah. The transaction paves way for a beachfront residential community development with over 2,000 apartments.
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 beachfront community.
Set to launch in 2023, the development is set to 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 kilometres of private beach.
“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,” said Talal Al Dhiyebi, Group Chief Executive Officer at Aldar Properties.
“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 is a reflection of its trust in Al Marjan Island as a destination,” said Abdulla Al Abdouli, CEO of Marjan.
Aldar’s growth and diversification continues following the recent acquisitions of Al Hamra Mall, Rixos Bab Al Bahr and DoubleTree Hilton Resort & Spa Marjan Island.
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