Mohamed Alabbar is to launch a spectacular new $3.5 billion island project off the coast of Abu Dhabi, Arabian Business can reveal.
The project, known as Ramhan Island, will feature 1,800 beach villas, 1,000 branded residences, a hotel and marina. The Emaar founder and Americana chairman is developing it through his privately owned Eagle Hills development company.
“It’s a rare thing to live on a natural island, complete with a beach – everything being truly from nature, including dolphins, turtles and birds. This is a quality of life that has never been seen before, and it is what we will be delivering – I have been lucky enough to work on some unique projects over the years, but this is something truly special,” he told Arabian Business.
Described as “natural, raw and untouched,” the already existing island is located 20 minutes from the shores of mainland Abu Dhabi. Once developed it will include a “world-class marina” with state-of-the-art shopping and fine dining, a luxury hotel and floating villas. A total of eight different villa designs and layouts are being rolled out, varying in size from 2862 square feet to 7539 square feet.
“We are hoping that the first villas can be ready to move in within three years,” Alabbar said.
The launch comes just three months after Alabbar launched the $2.5 billion Durres Yacht Club and Marina in Albania.
Alabbar said that properties located by water “are usually looking at a 35 percent premium on their value.”
Last month report by property portals Dubizzle and Bayut showed that the luxury segment of the Abu Dhabi property market rose significantly in 2022, with a near 13 percent rise in the average price per square foot on Saadiyat Island.
Source: Arabian Business