Groundbreaking for US$272mn luxury residences in UAE
02 October 2024
A groundbreaking was held on 19 September for the AE$1 billion (US$272 million) Manta Bay luxury residences project in Ras Al-Khaimah, United Arab Emirates (UAE).
Stakeholders attending the event included the master developer of freehold properties in Ras Al Khaimah, Dubai-based firm Federal Engineering Consultants and Abu Dhabi-based construction company Civil Power General Contracting (CPC), which is serving as the enabling contractor for the project.
“Our role as the engineering consultancy for Manta Bay is to ensure that this development stands out in terms of quality and innovation,” said Dr Walid Lutfy, founder of Federal Engineering Consultants.
Manta Bay will feature studio up to two-bedroom units on Ras Al-Khaimah’s Al Marjan Island. The highlight of the 10-storey, nearly 200-ft (61m) residence is a rooftop beach, which developers said will be the highest rooftop beach in the world.
The luxury build is being developed by Marjan – the master developer for freehold property in Ras Al-Khaimah – and Major Developers, a UAE-based real estate company.
Major Developers noted real estate in Ras Al-Khaimah saw a 15% rise in transactions and value through the first half of 2024.
“Launching Manta Bay in Ras Al-Khaimah is a strategic move that aligns with our ambition to lead in the luxury real estate sector,” said Andrei Charapenak, CEO of Major Developers. “This project embodies our commitment to creating world-class living experiences in a market that holds tremendous potential.”
The project is expected to finish in quarter four of 2026.
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