Emaar Properties and ONA Group, the leading Moroccan industrial and financial group, yesterday unveiled their second real estate project in Morocco Bahia Bay.
The joint venture will develop a Dh4.5 billion ($1.2 billion) residential golfing community on the Moroccan coast.
In close proximity to Casablanca, the 530 hectare development will offer the benefits of a golfing residence as well as the advantages of living in a coastal location.
The announcement follows the venture's first project launch last month in Morocco Amelkis II, the residential golfing complex in Marrakech that will allow buyers to purchase plots and design and build their homes.
"Situated along the breathtaking Moroccan coast, Bahia Bay is a unique development in an idyllic setting. Following the success of our existing golfing communities in Dubai Arabian Ranches and Emirates Hills the Bahia Bay community will become a flagship development for Emaar's expansion in the North Africa region," said Mohammad Ali Al Abbar, chairman of Emaar.
Major developers including Emaar and Dubai Holding are investing heavily in overseas markets like Egypt, Jordan, Syria and Morocco. "We think it's a positive development for such a large corporation like Emaar which has a solid cash base," said Kareem Derbas, chief executive of Palma Real Estate.
"This type of investment will enhance Emaar's shareholder value and enhance cross-border investment across the Arab world. I think the Middle East's real estate market is grossly undervalued and such investments will help the market to mature."
The units in Bahia Bay will range from luxury villas and semi-detached houses to townhouses and apartments. The development is expected to be completed in five years.
Located in close proximity to the Casablanca/Rabat coastal freeway, Bahia Bay is within easy reach of both major cities and is an ideal getaway for those in search of a premier luxurious lifestyle.
The development will also feature a beach hotel, golf hotel, beach clubs, equestrian facilities, retail and entertainment and a community centre.
The extensively landscaped complex will have picturesque water features, expansive open parks and a world-class golf course.
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