Developer Crowngate International has announced that it has acquired a plot on Al Marjan Island in Ras Al Khaimah to build a new upscale resort.
Valued at AED220 million, the new property is scheduled to open in late 2019, the company said in a statement.
No further details were given about the luxury project.
“It is indeed a pleasure to welcome Crowngate International to the Al Marjan Island. Associating with them will not only add value to our island, but also position us as premium facilitators for world-class living and investments” said Abdullah Al Abdooli, managing director of Al Marjan Island.
Joe McCormack, founding partner, Crowngate International added: “Crowngate is thrilled to be announcing our new Al Marjan Island resort in Ras Al Khaimah, which is fast becoming the emirate of tomorrow.
"In a very short period, Al Marjan Island has become a leading luxury lifestyle and tourist destination for visitors not just from the GCC, but internationally. The new resort will bring a unique and refreshing blend of style and comfort to our hotel that will leave a lasting impression on all who visit.”
Crowngate has offices in Europe, the Middle East and Africa and said it focuses on bespoke investments in property hotspots and high demand locations.
Its portfolio includes a commercial office development in Dubai, as well as luxury apartments and penthouses in the UK, predominantly in and around London.
Crowngate's announcement follows a similar move by Chinese investment firm Novel which has bought a 720.000 sq ft plot on Al Marjan Island, with plans to develop a tourism and retail project.For all the latest construction news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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