Manazil Real Estate has announced the completion of foundation and piling works at Dh400 million ($109 million) Marbella Bay, a luxury resort development on Al Marjan Island, the first-of-its-kind man-made island in Ras Al Khaimah.

Manazil has further revealed that it has closely co-ordinated with Ras Al Khaimah Investment Authority (Rakia), the government body responsible for the socioeconomic growth of the emirate, for the smooth and safe development of the project and on-time delivery of property units to the customers.

Designed to be one of the finest resorts in the UAE, 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.

The various property units of the project have been sold for a combined total of Dh250 million, said a senior official.

Yehia Kambris, general manager of Rakia Rera said, "Rakia has been closely 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 RAKIA's strict building regulations."

"Furthermore, we are closely working with Manazil and the rest of the stakeholders of Al Marjan Island to make sure that construction work on the different property developments progress smoothly and harmoniously," he stated.

"Rakia is making this one of our top priorities as part of our efforts to reassure investors and safeguard their interest," Kambris added.

Abdul Mohsen Al Hammadi, CEO of Manazil Real Estate said: "We have achieved great progress in the construction work of Marbella Bay as Rakia has provided critical strategic support that has contributed significantly to the healthy pace of development."

"We are very optimistic of the excellent prospects of this project as Marbella Bay is poised to emerge as one of the most exciting island-inspired residential destinations in the region," Kambris observed.

Marbella Bay will encompass a total area of around 500,000 sq ft. Only about 60 per cent of the project site's total land area has been used for the buildings, with the remaining space dedicated to communal parks, swimming pools and lakes.

The project consists of a ground floor, two floors dedicated for car parking, and seven floors dedicated for a combined total of 430 residential and commercial units.-TradeArabia News Service