Durar launches $191m luxury project on Al Marjan island

Durar

• Latest luxury development for RAK
• Phillipe Stark firm to help with design
• Tower to house 394 units

The Dubai-based developer Durar has launched a new AED700 million ($190.58 million) branded residential tower on Al Marjan Island, Ras Al Khaimah, as the emirate sees heightened development activity in the luxury segment.

Work on the residential project, called Masa Residences, will start by January 2024 and is scheduled to be completed by the last quarter of 2026, the developer said.

The project’s interiors will be designed in collaboration with Yoo Inspired by Starck, led by the French industrial architect and designer Philippe Starck.

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The tower will house 394 units in total, including “villas” on the ground floor. 

Durar’s chairman, Ibrahim Alhabib, said: “We have partnered with Yoo to offer premium interior residences. The island’s thriving tourism activity will offer our buyers with the potential for substantial capital gains and high yields.”

Jackie Johns, managing partner at Christie’s International Real Estate Ras Al Khaimah, said Masa Residences will be three minutes from the upcoming $3.9 billion integrated resort Wynn Al Marjan Island.

Earlier this month, S&P Global Ratings said that Ras Al Khaimah’s tourism and infrastructure projects, including the Wynn Al Marjan Island resort, could strengthen the emirate’s growth prospects over the next two to three years.

Although the hospitality sector makes up only 4 percent of the emirate’s GDP, this proportion will likely increase as resorts open, S&P said. 

There are plans to open more than 20 hotels in RAK over the next five to six years, increasing its hotel room capacity by 90 percent.