Business | Property
Marbella Bay resort construction on track
Manazil Real Estate has announced the completion of piling works, load tests, foundation and basement of Marbella Bay, a luxury resort development on Al Marjan Island, a man-made island in Ras Al Khaimah.
- Staff Report
- Published: 23:02 July 12, 2009
Dubai: Manazil Real Estate has announced the completion of piling works, load tests, foundation and basement of Marbella Bay, a luxury resort development on Al Marjan Island, a man-made island in Ras Al Khaimah.
The property units of the project have a combined value of about Dh400 million. The company has coordinated with Ras Al Khaimah Investment Authority (Rakia), the government body responsible for the socio-economic growth of the emirate, for the development of the project.
Marbella Bay comprises luxurious waterfront apartments and a range of leisure facilities in a verdantly landscaped community inspired by the architectural style of the historic Spanish region of Andalusia.
Manazil has awarded the construction contract of the project to Nasria Construction Company, which is now working on the project's second parking floor and has completed a furnished mock-up flat at the site, providing customers a preview of the size and type of finish of their future residence.
Manazil said various property units in the project have been sold for Dh250 million.
Yehia Kambris, General Manager, Rakia Real Estate Regulatory Authority (Rera), said: "Rakia has been monitoring the progress of the entire development as well as other projects being constructed on Al Marjan Island. We are also making sure that all developers comply with the escrow account regulations, and that development projects are constructed according to regulations.
"We are working with Manazil and the rest of the stakeholders of Al Marjan Island to make sure that construction work on the different property developments progresses smoothly and harmoniously."
Marbella Bay will encompass about 500,000 square feet.
Only about 60 per cent of the project site's total land area has been used for the buildings, the remaining space being dedicated to communal parks, swimming pools and lakes.
The project consists of a ground floor, two floors dedicated to car parking, and seven floors dedicated to a combined total of 430 residential and commercial units.
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