Manazil Real Estate has announced the completion of piling works, load tests, foundations and basement of Marbella Bay, a resort development on Al Marjan Island in Ras Al Khaimah.
The units of the project have a combined value of Dh400 million.
Manazil has awarded the construction contract 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.
The developer said several property units have been sold for a combined total of Dh250m.
Yehia Kambris, General Manager, Rakia Rera, said, "Rakia [Ras Al Khaimah Investment Authority] has been monitoring the progress of the 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. We are also closely working with Manazil and the rest of the stakeholders of Al Marjan Island to make sure that construction work on different property developments progress smoothly.
"Rakia is making this project one of its top priorities as part of its efforts to reassure investors and safeguard their interest."
Abdul Mohsen Al Hammadi, CEO, Manazil Real Estate, said: "We have achieved great progress in the construction works of Marbella Bay as Rakia has provided strategic support that has contributed significantly to the healthy pace of development."
Marbella Bay will encompass a total area of about 500,000 square foot.
Only about 60 per cent of the project site's total land area has been used for buildings, with the remaining space dedicated to communal parks, swimming pools and lakes.
The project consists of a ground floor, two floors of car parking and seven floors dedicated for a combined total of 430 residential and commercial units.
Al Marjan Island is a development project that effectively extends the emirate's coastline by an additional 21 kilometres.
It reaches about 4.5km into the sea.
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