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WOW Resorts, Marriott launch $1.3bln luxury RAK project

Story Highlights
  • This follows WOW Resorts’ strategic collaboration with Marriott International in November 2023

Dubai: New tenants pay higher rents than existing occupants as rental gap widens

WOW Resorts, a premium resort and residential developer, has unveiled the JW Marriott Residences & JW Marriott Al Marjan Island Resort, on Al Marjan Island in Ras Al Khaimah.

This follows WOW Resorts’ strategic collaboration with Marriott International in November 2023.

Al Marjan Island will be the home to the first JW Marriott branded residential property in the GCC.

This development, with an estimated value of AED4.8 billion ($1.31 billion), will be ready for handover by 2026.

“The luxury development is set to redefine coastal living in the UAE market and wider region. This significant development by WOW Resorts is anticipated to showcase the magnitude of their commitment to elevate the standards of residential living in the region. The development promises to be a fusion of cutting-edge design, world-class amenities, and unparalleled hospitality, creating an iconic landmark within the Al Marjan Island community,” said a statement.

“This venture marks just the beginning of an exciting journey for WOW Resorts in the UAE. With more awe-inspiring projects in the pipeline, we are poised to redefine hospitality and real estate in this thriving market. We are ready to captivate and inspire residents in the years ahead, offering unparalleled experiences that reflect our unwavering dedication to excellence and commitment to the UAE,” said Anwar Aman, Co-Founder and Co-CEO of WOW Resorts.

“We believe that the UAE has a discerning clientele with a taste for uncompromising luxury, and Ras Al Khaimah provides the perfect canvas for this vision. The breathtaking landscapes and thriving community of Al Marjan Island come together seamlessly with our commitment to delivering world-class living experiences. Our collaboration with Marriott International sets the stage for a development that will live up to its promise and redefine residential living standards, offering a truly unique and immersive experience for residents,” said Bhupender ‘Bruce’ Patel, Co-Founder and Co-CEO of WOW Resorts.

Poised to be an architectural masterpiece on Al Marjan Island, this project is designed by celebrity Beverly Hills Architect Tony Ashai with Dubai-based Lead Consultants Architecture Design Unit, ADU. In addition to the above project, WOW Resorts is all set to inject another substantial AED3 billion investment into the UAE in the next few months, the statement said.

JW Marriott Residences & JW Marriott Al Marjan Island Resort comprises an exclusive portfolio of 474 residences, featuring a selection of 1, 2, 3, and 4-bedrooms and luxurious penthouses, alongside 264 meticulously appointed guest rooms.

Abdulla Al Abdouli, Chief Executive Officer, Marjan, said: “The premium residential offering of JW Marriott and WOW Resorts is a testament to the dynamic evolution and investment potential for homeowners and investors on our flagship development. As Ras Al Khaimah grows in stature as a thriving real estate destination, we are confident that this project will ensure excellent returns on investment and position Al Marjan Island as a reputed destination for branded residences and luxurious waterfront living.”

Ras Al Khaimah is experiencing an unprecedented off-plan boom with home prices on Al Marjan Island recording increases of 35-50 percent in 2023. The spike in investment is expected to continue as more global investors are attracted by the promise of lucrative returns and unparalleled waterfront living, said the statement.

Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).

Source
Zawya.com

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