Release Date: 22 June 2023
RAK Properties PJSC, (ADX: RAKPROP), Ras Al Khaimah’s leading publicly listed property developer, and Ellington Properties, Dubai’s award-winning, design-led boutique developer, have signed an agreement to develop a premium residential beachfront project located in a prime location on Hayat Island, in Mina Al Arab. The partnership marks Ellington Properties’ entry into the emirate. With direct beach access, the first joint residential apartment project will bring a new perspective to exclusive waterfront living. Comprising multi-family apartments, the project will reflect Ellington Properties’ design-led approach, with exceptional features including high-end restaurants at ground level and resort-style amenities, providing the highest quality lifestyle.
The partnership with Ellington Properties forms an important part of RAK Properties’ strategy to form partnerships with top-tier local and international investors to capitalise on the rising demand for quality real estate in the Emirate. It also supports its ambitions to add scale across its core development assets.
Sameh Al Muhtadi, CEO of RAK Properties: “Ras Al Khaimah is the UAE’s sustainable tourism destination, and international and local investors and tourists alike are attracted to all it has to offer in terms of the unspoiled natural environment. At Mina Al Arab we are creating a highly experiential ‘urban island’ lifestyle destination in the heart of Ras Al Khaimah, bringing to life the conveniences of urban living with the free-spirited energy of island life. Our partnership with Ellington aligns with this vision as we look to partner with best-in-class organizations to develop extraordinary homes and experiences that will elevate people’s lifestyles in Mina Al Arab, Ras Al Khaimah’s most exclusive residential area.”
Robert Booth, Co-Founder and Managing Director of Ellington Properties said: “We are excited to be working with RAK properties to develop our first project in Ras Al Khaimah. Our expansion into the emirate forms part of our strategy to accelerate our growth to meet the demand for our developments, bringing our unrivalled living environments to more people. This project will add to the wealth of lifestyle offerings available at Hayat Island and provide our residents with an enhanced quality of life.”
The development forms part of RAK Properties’ broader master plan for Hayat Island, offering luxurious shopping, dining and entertainment facilities alongside Angel Bay, a unique outdoor leisure destination that is the first of its kind in Ras Al Khaimah. Angel Bay is set to become the focal element of Hayat Island as it sets the scene for clubs, restaurants, activities and entertainment.