Dubai-based Pantheon Development, which officially launched its flagship mixed-use project, the $272-million One Central at RAK Central in November, the largest business district in Ras Al Khaimah developed by Marjan, will launch two more projects in the business district with sale value of $272 million (1 billion UAE dirhams) each and a branded hotel.

“One Central is poised to become a landmark development in Ras Al Khaimah. Covering 450,000 square feet and featuring 312 residential apartments, a Grade A office building, and hotel apartments, the development offers a blend of luxury, convenience and lifestyle amenities.  It was a sellout on the opening day itself,” said Kalpesh Kinariwala, founder of Pantheon Development and chairman of Pantheon Group.

The two projects are part of the second phase of development along with the hotel project.

“We are also contemplating to launch an office tower,” he said.

The first phase is anticipated for completion in the fourth quarter of 2027.

“We are going to come up with two more projects in the next three to four months in RAK Central. We will also launch a branded hotel. We are still under negotiation with several players for selecting the hotel brand, which will be a global one,” he added.

One Central at RAK Central enjoys an ideal location close to Marjan Island, home to the world’s largest Wynn Casino.

“Positioned in RAK Central, the development is set to redefine urban living with premium amenities and a prime location near Marjan Island,” Kinariwala said.

Pantheon is also keen on residential projects in Ras Al Khaimah with both tourist footfall and population poised to boom set in the next three years.

“We see a demand of 45,000 houses in Ras Al Khaimah, and Pantheon wants to play a pivotal role in the residential market in RAK,” Kinariwala said.

Asked whether Pantheon will enter the branded residences, he said branded residences mean larger than life amenities.

“In the case of Pantheon, we already deliver larger than life amenities and our quality is better than what they dream of. So as long as we keep delivering that, I don't think we will need support of branded residences,” he said.

One Central is designed to cater to a diverse range of lifestyles and offers a mix of studio, one-bedroom, and two-bedroom apartments, with select two-bedroom units featuring exclusive amenities such as an attached pool. The development also features an infinity rooftop pool, sky lounge, jogging track, cinema, and a dedicated dog park.

“We can all see the growing global interest in Ras Al Khaimah as an investment hotspot,” he said.

(Reporting by Bhaskar Raj; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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