Ras Al Khaimah: AAKAR Marjan Island LLC to invest in luxury hotel and residential apartments complex
AAKAR Developers, a leading Canadian real estate and property developer, has announced that it has partnered with Kayi Construction, a Turkish-based development and construction company, and Taranjit Sahni to form a new company, AAKAR Marjan Island LLC, in a bid to develop a five star luxury hotel and residential apartments complex in Ras Al Khaimah.
Following the partnership, AAKAR Marjan Island will invest AED 600 million towards the development of an exclusive hotel and residential project on Al Marjan Islands, the first man-made island community project in Ras Al Khaimah being developed by RAKEEN. The developer has signed a strategic agreement with RAKEEN and is currently holding talks with internationally reputed hotel operators for the management of the project, which will be officially launched in the first quarter of 2008.
The partnership between three leading names in the real estate and property development sector will seek to leverage the growth and emergence of Ras Al Khaimah as a commercial and tourist attraction. Occupying a 5-acre plot on the largest island of the Al Marjan Islands development, the developer's first venture will include a five star hotel and freehold residential apartment complex with breathtaking views of the ocean, which will be fully serviced by a five star hotel operator. In addition, each of the well-appointed rooms, suites and apartments will allow for stunning views of the Arabian Gulf and is set to feature state-of-the-art luxury amenities.
Targeted for completion in 2010, the ultra-exclusive project is in close proximity to the Ras Al Khaimah Airport and Dubai International Airport as well as the RAK Free Zone, allowing investors an opportunity to combine business and leisure. "Our latest development project represents our commitment towards long-term and high-value investments into the UAE. Ras Al Khaimah's emergence as a hotspot for iconic properties and its recent liberalization of commercial laws are a strong attraction for us to invest into luxury developments in line with the vision of the emirate. We are presently in talks with leading hotel operators for the management of our latest property, which will undoubtedly offer exclusive privileges at par with other world-class developments," said Yadvinder Singh, CEO, AAKAR Marjan Island LLC.
Ranked among the 5 biggest contractors in Russia and one of the top 200 international contractors according to McGraw Hill Construction's Engineering News-Record, Kayi Construction has extended its business scope from its origins in the Turkish building sector to constructing international projects through its regional subsidiaries. Having built a strong reputation, for the last 16 years, among the rapidly growing real estate markets of Russia, Kazakhstan, Algeria, and Lithuania, the company has grown to employ more than 7500 workers in various regions. Kayi's current project portfolio has a total value of USD 1 billion, with each of the projects reaching international quality standards through the use of most advanced technology and engineering concepts.
"With the rapid influx of investors looking to purchase high value developments growing greater than ever before, the emergence of ambitious developments amidst the outstanding growth of the UAE property market has become the mainstay of the real estate sector in the UAE. In line with our aim to fully leverage the opportunities present in this highly dynamic market, we have partnered with AAKAR and Taranjit Sahni, who have both built a reputation for their expertise and commitment in the global real estate field. By combining our turnkey contracting services with our partners' own strengths, we are confident that our new venture will exceed the expectations of our customers," said Coskun Yilmaz, Chairman, Kayi Construction.
Located 27 kilometer southwest of the town centre, the Al Marjan Islands is a cluster of coral-shaped islands that spans over 2.7 million square meters and has a commercial value of over USD 1.8 billion. Scheduled for completion by June 2009, the property is set to offer incomparable living and leisure options including waterfront homes, floating villas, hotels, resorts, sporting facilities and commercial hubs. RAKEEN, the developers behind Al Marjan Islands and RAK Offshore amongst others, was launched by the Government of Ras Al Khaimah as a private joint stock company with an overall value of AED 4.4 billion in a bid to expand its involvement in the emirate's rapidly booming real estate and property industry.
"The Al Marjan Islands is a flagship project, which has been launched in line with the vision of transforming Ras Al Khaimah into a high-end tourism and commercial destination. With a clear commitment towards the development of this luxury project in addition to our understanding of how to translate large scale projects into reality, we are gearing up for the launch of our landmark project," concluded Taranjit Sahni.
The luxury hotel and residential project will the second development associated with AAKAR Developers, the developers of the AED 200 million Canada Business Centre Tower, which is currently under construction in Business Bay.