RAK's Marjan may launch two Al Jazirah al Hamra projects in 2019
Piling work is underway on Al Marjan Island's Mövenpick Resort
Ras Al Khaimah freehold master developer Marjan is looking to launch two mixed-use developments in the emirate’s Al Jazirah al Hamra area in 2019, the group’s chief executive officer told Construction Week.
“We have a land bank of more than [1,900ha] in Ras Al Khaimah,” said Abdulla Al Abdouli, speaking on the sidelines of the first day of Cityscape Global 2018 at Dubai World Trade Centre on Tuesday.
“In 2019, we hope to launch two developments which will incorporate both residential and commercial spaces. We are being very careful with our development partners and other entities in the market to make sure that we do not oversupply the market.”
Both developments, he explained, will be in the zone of Al Jazirah Al Hamra within a 10km radius of the group’s four island mega development Al Marjan Island.
No further details on specific construction dates or timelines were given by the group, although Al Abdouli did reveal that piling work has already started on the Mövenpick Resort on Al Marjan Island.
Tendering for the 550-key development, slated to open in 2019, has also finished, Al Abdouli said.
He added: “I don’t want Marjan to be just seen as a developer of beachfront space. I’m looking at all the different opportunities which target a broader range of people. Not just investors and end-users that are interested in beach developments.”
Al Abdouli’s comments came less than a week after the company announced the creation of Marjan Properties, which will operate as an independent entity responsible for leading the development of freehold projects in the UAE’s northernmost emirate.
As part of the move, Marjan will acquire Al Marjan Island, and all its real estate activities and assets.