Rakeen hands over plot for its Dh600m Marjan island project

Aakar Marjan Island LLC, announced yesterday that master developer Rakeen has handed over the 281,000 sqft plot for its Dh600 million luxury hotel and residential apartment complex located at the Al Marjan island project in Ras Al Khaimah.

The agreement between Yadvinder Singh, CEO and President, Aakar Marjan Island, and Wahid Attalla, Member of the Board, Rakeen, signals the commencement of the project's construction process, which will be undertaken by the equity partner, Kayi Construction. Preliminary construction is targeted for the third quarter of 2008.

The project has a built-up area of 800,000 sqft.

"The transfer of the plot for our luxury hotel and residential apartment complex marks the first step in the construction process," said Singh. "We thank Rakeen for its support for this project as is evident in the handover of one of the most strategically located plots within Al Marjan Island to us."

Coskun Yilmaz, Chairman of the Turkish-based Kayi Construction, said: "We are prepared to commence construction on this project at the earliest, and are in line with our goal to meet the delivery schedule by 2010."