| 04 Mar 2010 |
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Marjan Island's Development on Track
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RAS AL KHAIMAH -- The Ras Al Khaimah Investment Authority (RAKIA)The Ras Al Khaimah Investment Authority (RAKIA)
, a major provider of investment opportunities and one-stop solutions in its Free Zones, Industrial Parks and Offshore facilities as well as in Real Estate developments, has announced that the construction progress of many active developments on Al Marjan Island, the first man-made island in Ras Al Khaimah, is impressive and reflects the trust of investors in the sustainability and prospect of success of this iconic landmark. The first development to be completed on the island is RakeenRakeen's mixed-use project Bab Al Bahr, located on the peninsula of the island, therefore called 'The Gateway to Island Living'. The six residential buildings, uniquely shaped in the form of pyramids, are scheduled for handover in August 2010 and have reached the top level of construction. Further phases of Bab Al Bahr will feature a hotel, a shopping mall and an office tower.
In 2011, Marbella Bay is expected for completion. This luxury resort development by Manazil Real EstateManazil Real Estate Sharjah, located on Island Number 2, is inspired by the architectural style of the historic Spanish region of Andalusia and will comprise of waterfront apartments and a range of leisure facilities set in a lavishly landscaped community.
Pacific by Select GroupSelect Group
is scheduled for completion in 2011 as well. Located on Island Number 4 with luxurious private beaches, Pacific will feature a wide variety of contemporary residences within a verdantly landscaped beachfront community, offering panoramic views of the Arabian Gulf and the natural surroundings of Ras Al Khaimah.Further developments are currently mobilising or have started construction already, with many more investors to follow and make their projects a reality.
Dr Khater Massaad, CEO, RAKIARAKIA
said: "We are very happy about the quality of developments we have been able to attract to Al Marjan Island and about their steady construction progress. Our vision is to create a self-contained community and comforting neighbourhood, providing convenient services and amenities, on a luxurious island with a wide variety of unique residential properties providing high standards of living, with stunning surroundings, lush greeneries, white sandy beaches and romantic views over the sea."He noted that with all the special developments proposed by their investors, Al Marjan Island will be an outstanding place to live.
© Khaleej Times 2010
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