ADX-listed developer RAK Properties released an update on its ongoing projects as part of its third quarter 2023 financial results.

The updates are as follows:

•    The company has seen all units launched within the Julphar Residence project on Al Reem Island in Abu Dhabi sold out. More than 94 percent of the units sold have been delivered, with the delivery process continuing for the remaining units.
•    In Bay Residence project, located on Hayat Island in Mina Al Arab, all the units in the four buildings of the first and second phases have been sold, with construction work continuing as per plan and timeframe.
•    RAK Properties launched Naseem Lofts in Bay Residences and sales are ongoing at the seaside residential project.
•    Construction work for 89 luxury villas and townhouses in the Marbella Villas Phase II project in Mina Al Arab is progressing. 
•    Bay Views was launched at the end of the second quarter of 2023. The project includes two residential towers comprising 344 apartments. Construction is scheduled to resume in December this year.
•    At the end of the third quarter, the company launched sales of 678 apartments in four residential towers within the Cape Hayat project on Hayat Island, Mina Al Arab. 
•    All residential units in Porto Playa, in partnership with Ellington Real Estate, were sold out. 
•    RAK Properties has teamed up with Nikki Beach to open the first resort exclusively in Mina Al Arab. 
•    Construction of the 174-keys Anantara Mina Al Arab Resort & Hotel is on schedule and the five-star property will open this year.

(Writing by Senthil Palanisamy; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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