Dubai Investments will commence next month construction of the 1 billion UAE dirham ($272 million) Danah Bay mixed-use beachfront community and lifestyle project on Al Marjan Island in Ras Al Khaimah.
Dubai Investments, a diversified investment company listed on the Dubai Financial Market (DFM), launched sales of the flagship freehold premium beach community on Tuesday.
“Construction will commence in October 2022 and the first phase of the project is expected to be completed by December 2024. We have finalised the contractors,” Khalid Bin Kalban, Vice Chairman and CEO, Dubai Investments, said without naming the contractors.
“This region offers tremendous potential for the residential, hospitality and the tourism industry and after careful evaluation and in line with the market trends, we have announced this integrated beach community in Ras Al Khaimah,” he added.
Danah Bay would be developed on a total area of 86,000 square metres (sqm), 40,000 sqm of beaches and 32,000 sqm of man-made breakwater. The total built up area will be around 2 million sq ft.
The project consists of luxury beachfront townhouses, villas with 2 to 4 bedrooms and residential waterfront apartments, a 200-key 4-star hotel, 100 serviced apartments, 120 residential apartments and community retail. The residential apartments consist of studio apartments to 4-bedroom penthouse apartments.
It is understood that the 4-star hotel will be managed by the Millennium Hotels & Resorts.
“Benefiting from the Group’s resilient business model, supporting diversification through unique investments, Danah Bay is a step forward in strengthening the Group’s real estate portfolio and expanding presence regionally,” said Khalid Bin Kalban.
The whole project will be delivered in phases with the first phase consisting of 131 villas out of a total 190 villas.
(Reporting by Bhaskar Raj; Editing by Anoop Menon)