Latest news with #AED15.08
Arabian Business
29-04-2025
- Business
- Arabian Business
Fairmont announces new luxury hotel and branded residences in Ras Al Khaimah
Fairmont Hotels & Resorts and Ardee Developments have announced a strategic partnership to develop a luxury hotel and branded residences on Al Marjan Island, marking the hospitality group's entry into Ras Al Khaimah (RAK), one of the UAE's fastest-growing emirates. The development, scheduled to open by late 2028, will feature Fairmont Al Marjan Island hotel with 250 rooms and Fairmont Residences Al Marjan Island offering 519 luxury residences, the companies said in a statement on Tuesday. The partnership was formalised during a signing ceremony between Romeo Abdo, Founder of Ardee Developments, and Omer Acar, CEO of Fairmont Hotels & Resorts. 'With its natural beauty, ambitious vision for tourism, and growing appeal among global travellers and investors, the emirate is perfectly aligned with Fairmont's brand values and future-forward growth strategy,' said Acar at the signing event. The development comes amidst a property boom in RAK, where real estate transactions reached AED15.08 billion in 2024, marking a 118 per cent increase from 2023. Off-plan property prices have risen by 15-20 per cent during the same period, driven by high demand and limited supply. The project joins a growing list of branded residence developments in RAK, including recently announced projects from Four Seasons, Waldorf Astoria, JW Marriott, and Taj. Branded residences will constitute 40 per cent of RAK's residential units by 2029. 'Ardee Al Marjan Island is more than just a development – it's a thoughtfully curated coastal lifestyle destination,' said Abdo, adding that the project aims to set 'a new standard for living and leisure in Ras Al Khaimah.' The development is part of Fairmont's regional expansion strategy, with the brand currently operating 13 properties across the Middle East and more than 30 hotels under development. This latest announcement follows other significant hospitality developments in RAK, including Minor Hotels' planned 156-key NH Collection hotel and Wynn Resorts' $3.8 billion integrated resort, which received the UAE's first commercial gaming licence and is expected to open in 2027. Fairmont, established in 1907, is part of Accor's luxury portfolio and manages over 92 hotels globally, including iconic properties such as The Plaza in New York, The Savoy in London, and Fairmont The Palm in Dubai.
Arabian Business
29-04-2025
- Business
- Arabian Business
Richmind announces luxury real estate development Oystra in Ras Al Khaimah
Premium developer Richmind has unveiled 'Oystra,' a landmark residential project designed by Zaha Hadid Architects on Al Marjan Island, marking its entry into the United Arab Emirates' rapidly expanding northern property market with a development pipeline exceeding $1 billion. The high-profile launch event at Dubai's Coca-Cola Arena featured British music star Craig David and showcased the development's distinctive curved architecture, inspired by 'the natural energy of the sea and sky,' according to Christos Passas, Director of Design at Zaha Hadid Architects. Oystra will offer residences ranging from one- to four-bedroom apartments, duplexes, penthouses, and waterfront villas, with prices starting at AED2.9 million ($789,700). The project, scheduled for completion in Q1 2029, will feature a 150-metre crystal lagoon, private shoreline, and what developers claim will be the emirate's first 360-degree infinity pool. 'Oystra is a jewel in our development portfolio and so much more than just a project — it is a statement of intent, design and pure marvel,' said Mohammad Rafiee, CEO of Richmind, at the launch event. The development joins a surge of luxury projects in Ras Al Khaimah (RAK), which saw real estate transactions reach AED15.08 billion in 2024, marking a 118 per cent increase from the previous year. Off-plan property prices have risen by 15-20 per cent during the same period, driven by high demand and limited supply in the emirate. Architect Abdulla Al Abdouli, CEO of Marjan, the master developer of Al Marjan Island, said: 'Oystra reflects the kind of forward-thinking development that aligns perfectly with our ambition to position Ras Al Khaimah as a global destination for tourism, luxury, and investment.' The project enters a competitive market of branded residences in RAK, alongside recently announced developments from hospitality giants including Fairmont, Four Seasons, Waldorf Astoria, JW Marriott, and Taj. Industry analysts project that branded residences will constitute 40 per cent of RAK's residential units by 2029. holder of the UAE's first commercial gaming licence — set to open in 2027, further driving investor interest in the area.
Trade Arabia
18-03-2025
- Business
- Trade Arabia
Whitewill named master broker for $1bn RAK residential project
AARK Developers, a leading player in the UAE's luxury real estate sector, has appointed Whitewill, the international luxury real estate agency for developers and partners across the UK, US and UAE markets, as the master broker for its flagship development, Sora Beach Residences, in Ras Al Khaimah. An AED4 billion ($1.1 billion) ultra-luxury beachfront development on Al Marjan Island, Sora Beach Residences stands as a landmark in modern architecture and hospitality-driven living. It boasts fully furnished residences with unobstructed sea views, a 1000-foot private beach, the largest residential atrium in the region at 138 ft, an exclusive beach club, and over 50 amenities. Conceptually designed by world-renowned Japanese architectural firm Nikken Sekkei, with interiors crafted by the acclaimed UK based design firm Shalini Misra, the key development is set to redefine waterfront luxury living. The appointment marks a significant milestone in the project's journey, as Whitewill takes charge of the global sales and marketing strategy for the AARK's flagship development. Whitewill said it will leverage its extensive network and expertise to drive sales and investment interest globally. Known for successfully marketing and selling prestigious projects across the UAE, Europe, and beyond, Whitewill has brokered some of Dubai's most significant property sales from Q4 2024 to Q1 2025, totaling over AED780 million, it stated. "We're thrilled to be named the Master Broker for Sora Beach Residences, a project that truly defines luxury beachfront living," remarked its COO Olga Pankina. With Ras Al Khaimah's real estate market booming - total transactions soaring to AED15.08 billion in 2024, up 118% from last year, the emirate is quickly becoming a prime destination for high-end yet accessible real estate. Sora Beach Residences offers a rare mix of luxury, affordability and strong investment potential, making it a standout opportunity for buyers looking to be part of RAK's exciting transformation, it stated. "Our team is committed to ensuring investors and homeowners see the unmatched value in this development," he noted. Rahul Kumar Gupta, Chairman of AARK Developers, said: "Sora Beach Residences is one of the most anticipated luxury projects in the UAE, and having Whitewill as our exclusive agency ensures that we reach the right clientele globally." "Their deep understanding of the international luxury real estate market, coupled with their strategic approach to sales and marketing, aligns perfectly with our vision for this project," stated Gupta.
