Developer announces Dh900 million project in Ras Al Khaimah
Staff Report
Dubai, UAE
Real estate portfolio of Dar Global, an international real estate developer focussing on ‘Second Home’ developments, has exceeded US$6 billion (Dh22 billion) since the inception of the company three years ago, a top official told journalists at a media roundtable.
“Our total portfolio value of projects has reached US$6 billion in less than three years, while we have already sold US$1 billion worth of properties,” Ziad El Chaar, CEO of Dar Global.
The company announced the development of a US$250 million (Dh900 million) branded residence project – The Astera – that will see Aston Martin branded interiors decorating all the 258 luxury homes when delivered at Al Marjan Island in Ras Al Khaimah – the northernmost emirate of the UAE – in 2028. This is Aston Martin’s first alliance with a real estate project – that is expected to increase the carmaker’s sales in the region. A small percentage of the Aston Martin branded home-owners usually own Aston Martin cars – to match the lifestyle.
Although Dubai is one of the largest branded real estate markets in the world, where luxury branded residences have been doing the rounds for some times, Dar Global has opted for Al Marjan Island in Ras Al Khaimah – where the region’s first casino is being built – to develop the Aston Martin branded residences.
The Astera marks the first time Aston Martin’s internationally acclaimed design team has applied its skills to a real estate development in the Middle East region, with the new luxury lifestyle destination building on the successful recent opening of the Aston Martin Residences in Miami and other high-profile design collaborations in the United States and Japan. Positioned in a pristine location near the region’s first casino – Wynn Resort, The Astera, Interiors by Aston Martin will bring the carmaker’s signature blend of sophisticated design and high-performance precision craftsmanship to the interiors of the property, promising an unrivalled lifestyle experience for distinguished residents.
“Ras Al Khaimah is evolving as a major destination where a number of tourism attractions are being built and if you look at the overall development of the GCC region – the infrastructure and connectivity – it is going to be well connected to the entire region and will no longer be seen as a separate destination, but become an integrated part of the region. In this context, Ras Al Khaimah offers a great proposition for developers and the development of the casino is one part of this,” El Chaar explained.
Due to be completed by December 2028, the waterfront property will become a new landmark on the Arabian Sea for admirers of the iconic sports car marque, as well as those with an appreciation for its unique design philosophy and commitment to craft. Providing the benefits of a secluded private beach, the development will offer expansive, one-, two-, and three-bedroom apartments and three-bedroom villas.
Ziad El Chaar said, “The launch of this much-awaited residential property, The Astera, Interiors by Aston Martin, on Al Marjan Island, furthers our brand vision to curate breathtaking living experiences for our exclusive clientele. Combining this iconic British marque’s heritage, innovation and design mastery with Dar Global’s expertise in providing exceptional investment opportunities through luxury homes for global citizens demonstrates yet another illustrious chapter in our trajectory to success.”
The Astera, Interiors by Aston Martin offers residents an independent positioning and ultimate tranquillity on the majestic Al Marjan island, a refuge embraced by azure waters and serene landscapes, away from the hustle and bustle of the city. The island offers a unique setting seamlessly blending seclusion with convenience, with Dubai located just an hour’s drive away.
Dar Global focuses predominantly on developing real estate projects comprising second homes for internationally mobile customers, in some of the most desirable locations across the GCC and Europe, including downtown Dubai, Muscat in Oman, and the Costa del Sol region in the South of Spain.
Dar Global was originally established to house and develop the international (non-Kingdom of Saudi Arabia based) assets of Dar Al Arkan Real Estate Development PJSC (“DAARE”), a leading real estate developer in Saudi Arabia. Listed on the Saudi Stock Exchange since 2007, Dar Al Arkan has delivered over 15,000 residential units with total assets of c. US$8.5 billion.
Aston Martin’s vision is to be the world’s most desirable, ultra-luxury British brand, creating the most exquisitely addictive performance cars. Founded in 1913 by Lionel Martin and Robert Bamford, Aston Martin is acknowledged as an iconic global brand synonymous with style, luxury, performance, and exclusivity. Aston Martin fuses the latest technology, time honoured craftsmanship and beautiful styling to produce a range of critically acclaimed luxury models. Based in Gaydon, England, Aston Martin Lagonda designs creates, and exports cars which are sold in 56 countries around the world. Its sports cars are manufactured in Gaydon with its luxury DBX SUV range proudly manufactured in St Athan, Wales.
Stefano Saporetti, Director of Brand Diversification at Aston Martin, commented, “The Astera, Interiors by Aston Martin celebrates our partnership with Dar Global, bringing together two ultra-luxury lifestyle organisations with a shared passion for combining traditional craftsmanship with innovation and cutting-edge design.
“Marking Aston Martin’s very first real estate collaboration in the Middle East, we are incredibly excited by the emerging luxury destination of Al Marjan Island. The Astera, Interiors by Aston Martin provides an opportunity for our talented designers to help shape the interiors of an unparalleled development in the region, further elevating Aston Martin’s brand and applying it to a beachfront lifestyle environment.”
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Also read: Dar Global partners with Aston Martin to deliver beachfront residences on Al Marjan Island
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