RAK Properties PJSC, the largest publicly-listed real estate developer in Ras Al Khaimah, said it awarded the main construction contract to Gulf Asia Contracting Company to develop the second phase of its flagship community Bay Residences within the Mina Al Arab master-planned mixed-use community. The announcement comes following the completion of piling works.
Located on the prestigious Hayat Island within Mina Al Arab, the beachfront development will include 324 apartments, ranging from studios to three-bedroom units, across two towers with direct access to the beach. The second phase of the community sold out, highlighting a surge in demand for beachfront properties in the emirate. Bay Residences is adjacent to the iconic InterContinental Mina Al Arab Ras Al Khaimah Resort and Spa and the soon to be opened Anantara Hotel & Resort.
Gulf Asia Contracting Company, part of RP Group of Companies, operates across the GCC with active projects in the region. The firm has previously been appointed as the main contractor for several large-scale projects including hotels, residential communities, petrochemical plants, oil refineries and infrastructure-related projects.
James Marsh, Chief Development Officer of RAK Properties said, “At RAK properties we are dedicated to working with best-in-class partners to realise our vision to deliver exceptional residential communities to the people of Ras Al Khaimah and those wanting to invest in this fast-growing tourism hub. Gulf Asia are a natural partner as they share our commitment to developing the highest quality communities. We look forward to the delivery of this exciting project which will add a new dimension to RAK Properties’ rich portfolio.”
Situated within proximity to the InterContinental Mina Al Arab Resort & Spa and the Anantara Mina Al Arab Resort, Bay Residences will also provide access to a number of top amenities including swimming pools, playgrounds, retail stores, food and beverage outlets, and gyms, in addition to scenic pedestrian paths, parks, and beautifully landscaped open green spaces. The community is also close to Hayat Island’s waterfront promenade, featuring seafront dining, retail outlets and cycling paths.
Founded in 2005 by the vision of His Highness Sheikh Saud Bin Sagr Al Qasimi, Ruler of Ras Al Khaimah, RAK Properties continues this unique ambition through a focused attention to the future as well as meticulous attention to every detail. With a sound capital of Dh2 billion, RAK Properties a trusted partner for foreign investors looking to launch state-of-the-art projects, including luxurious hotels, resorts, and malls.
