The 2,000 apartments represent the Abu Dhabi real estate giant’s first residential development in the northern emirate.
Abu Dhabi real estate company Aldar is to enter the Ras Al Khaimah residential development market with 2,000 apartments on Al Marjan Island.
The developer, which started investing in the northern emirate in February, said it has acquired beachfront land, paving the way for the development.
The 40,000 sq.m. plot was acquired from master developer Marjan, with the land to be combined with existing real estate purchased as part of the DoubleTree by Hilton Resort & Spa earlier this year, to develop a mixed used community.
The community will launch in 2023, and will include branded premium residences, retail spaces and a 2km private beach, the company said in a statement to Abu Dhabi Securities Exchange (ADX).
Talal Al Dhiyebi, Group CEO, Aldar Properties, said: “Ras Al Khaimah continues to represent an attractive market for Aldar, driven by the Emirate’s demographics, strong market fundamentals and dynamics.
“Its appeal as an investment and living destination continues to grow, benefiting from the return of leisure travel and the continued efforts and execution of the emirate’s strategy to attract investment, residents, and visitors.”
Aldar’s investment presence on Al Marjan Island, on which construction began in 2004, continues to grow, with another acquisition after it also acquired the Rixos Bah Al Bahr.