Dara Properties in deal with Marjan to buy prime RAK plot
Marjan, the master developer of freehold properties in Ras Al Khaimah, has announced a strategic deal by Dara Properties to acquire 50,000 sq ft land at its latest mixed-use destination, RAK Central, for the development of a 27-floor residential building.
Scheduled for completion by Q4 2027, the key project is set to expand the residential offerings in RAK Central in line with RAK Vision 2030 to provide a dynamic 'live, work, play' destination for discerning investors and tourists, said a statement from Marjan.
The residential development marks Dara Properties' debut in Ras Al Khaimah's burgeoning real estate sector. Strategically located within the dynamic RAK Central and designed to meet the growing demand for high-quality living spaces in the region, the development will offer a range of residential units within a well-integrated mixed-use environment, incorporating commercial and retail spaces to enhance convenience for residents.
Featuring around 350 apartments including studios and one-, two- and three-bedroom apartments offering panoramic views of the emirate, the residential complex is designed as a self-sufficient community equipped with state-of-the-art amenities including a swimming pool, gym, padel courts, multipurpose room, and much more, said the statement.
With Abdul Rahim Architectural Consultants onboard as lead consultant and IBAHouse Interior Architects in charge of interior design, the project is set to elevate RAK Central's appeal as a self-contained, multi-purpose development offering a holistic lifestyle, it stated.
Aimed at global investors seeking robust ROI as well as those looking to set up base in the northern emirate, Dara Properties' debut project is primed towards a future where every detail is valued by providing a well-balanced ecosystem for smart living, it added.
On the deal, CEO Abdulla Al Abdouli said: "RAK Central's unprecedented growth within a short pan of its launch as a progressive mixed-use destination offering global investors and local businesses a dynamic space to further elevate their interests is testimony to Ras Al Khaimah's vibrant appeal among investors and tourists."
"We are happy to welcome Dara Properties to this world-class master-planned community that is set to serve as a hub for business, leisure and lifestyle. Their focus on detail and commitment to providing a wholesome community with smart living aligns with Marjan's core vision of curating a world-class destination built around the philosophy of live, work and play," stated Abdouli.
"We look forward to creating a unique space that will redefine the emirate's global and regional appeal," he added.
RAK Central masterplan offers 3 million sq ft of rentable office space, more than 4,000 residential apartments, four hotels with a capacity surpassing 1,000 keys, multiple parks and green spaces in addition to various retail and entertainment facilities and several interconnected buildings with over 1,000 parking spaces for visitors.
Work on RAK Central HQ, which will serve as the main business complex, is currently underway and expected to be completed in the first quarter of 2027.
Dara Properties General Manager Andrey Luntovskiy said: "We are thrilled to mark our debut in RAK's booming real estate market with our first residential development in RAK Central. Conceptualised to meet the demand for high quality living spaces, we are confident our project will be a landmark within the well-integrated mixed-use environment enhancing the lifestyle of its residents through a well-connected modern community."
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