(MENAFN- Khaleej Times)
Al Marjan Island in Ras Al Khaimah is now sold out, and developers are working on community development projects that will serve as the 'downtowns' as well as new“lifestyle destinations on the mountains,” a senior official said.
Arch Abdulla Al Abdouli, CEO of Marjan, the master developer of freehold properties in Ras Al Khaimah, said 15,000 hotel keys and 12,000 residential units are planned on Al Marjan Island.
“Al Marjan Island is already sold out, and following this success, we are now working on diverse projects across several locations to create world-class master-planned communities that will serve as the 'downtowns' of the future, in addition to new lifestyle destinations on the mountains,” said Al Abdouli told Khaleej Times in an interview.
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“We have been ambitious and extremely successful in creating a world-class, sustainable beach resort-style community at Al Marjan Island. Today, the destination comprises 2.7sqkm reclaimed land, has 15,000 planned hotel keys, 7.8km pristine beaches, 12,000 planned residential units, 23km waterfront and 450 holiday homes,” he said.
Arch Abdulla Al Abdouli, CEO of Marjan
Demand for freehold properties – both residential and commercial – has seen unprecedented demand across Dubai, Abu Dhabi, Sharjah and Ras Al Khaimah after the pandemic as inflow of foreign continues at an exceptional pace.
Al Marjan Island consists of four islands with 7.8 kilometres of pristine beaches and 2.7 million sqm of reclaimed land. It houses six operational hotels on the site including Rixos Bab Al Bahr, DoubleTree by Hilton, Movenpick Resort, Hampton, Pullman Resort, and Radisson Resort. Together, they offer over 3,000 room keys.
The Island – which shot to global prominence after the announcement of the launch of US gaming Wynn Resort – offers 100 per cent foreign ownership, zero personal tax, 100 per cent repatriation of capital and profits and long-term residency through investment are just a few of the incentives that it offers to investors.
The Island has seen massive growth in demand from local and foreign investors over the past few years, attracted by some of the world's top hospitality brands and real estate developers launching projects there.
In 2024, some major branded projects were launched including Tonino Lamborghini Residences, Manta Bay, Dh4-billion Tonino Lamborghini Residences in partnership with Arista Developments, Dh4-billion Sora Beach Residences, Aston Martin-branded project and many others.
In July, Marjan launched La Mer by Elie Saab, the first Elie Saab branded residences at the premium destination. The waterfront property will be developed by UAE based Arte Developments at Al Marjan Island. It constitutes three towers connected by an intricate design with a dual lobby and multiple on-site facilities.
Leveraging RAK's natural assets
“Our strategic master-planning approach is to leverage Ras Al Khaimah's natural assets and lay the foundation of the Emirate's future expansion,” Al Abdouli said.
Marjan offers land acquisition for a variety of uses including hotel, residential, retail, leisure or mixed-use development in its projects.
“These are ideal criteria for existing as well as new developers who can lay their hands on pristine real estate open to any permutations. Our main role is to provide suitable plots depending on the investor's requirements. We then go on to agree with the investor on development rights including land uses and Gross Floor Area (GFA),” he said, adding that Marjan's investors are from diverse nationalities across the globe with a huge segment from the region.
Al Abdouli added that investors can capitalise on lower development costs and tourism growth to achieve attractive returns in the northern emirate.“Over the past few years, the emirate has witnessed tremendous growth in its hospitality market and with low development cost which is approximately 10 per cent lower than the regional average and attractive returns,” he added.
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