Almal Real Estate Development, a Dubai-based investment and real estate development company, has announced that construction at its sold-out project, The Unexpected Al Marjan Island Hotel & Residences in Ras Al Khaimah, is 23 per cent complete and progressing on schedule for a 2027 handover.
The project, which sold out at a faster rate than anticipated following its launch, achieved the highest price per square foot on Al Marjan Island at AED 6,300 per square foot (PSF). It has since received accolades and recognition from Marjan, the master developer of Al Marjan Island.
Dmitriy Starovoitov, Founder of Almal Real Estate Development, has been conducting site visits to monitor progress. He confirmed that construction activity is fully on track, with cranes in continuous operation and development milestones being met as scheduled.
Construction on track at sold-out Al Marjan Island project ahead of 2027 handover
“Reaching this milestone at The Unexpected Al Marjan Island Hotel & Residences reflects disciplined execution and strong alignment across our partners. This sold- out project has been strongly received in the market, and the consistency of progress on site reflects the UAE’s stable and resilient economic environment, supported by reliable supply chains and sustained investor confidence. Our focus remains on delivering a high-quality, world- class project that aligns with market demand and contributes to the continued growth of Ras Al Khaimah,” Starovoitov said in a statement.
The uninterrupted pace of construction, amid a period of global economic uncertainty, has been cited by the company as evidence of supply chain reliability, workforce stability, and continued investor confidence in the UAE’s development sector.
Located on Al Marjan Island, The Unexpected Al Marjan Island Hotel & Residences comprises 422 five-star hotel rooms and branded residential units. The project is managed by the Palladium Hotel Group and draws its design concept from the energy of Ibiza, blending its architectural approach with a hospitality offering.
The development sits in proximity to the Wynn Al Marjan Island resort – set to become the UAE’s first integrated destination when it opens in 2027 – a factor that has contributed to demand for the surrounding area. The project offers beachfront access alongside amenities and services positioned within the upper end of the market.
Al Marjan Island has been attracting growing levels of investment interest, with Ras Al Khaimah positioning itself as a market that offers an alternative to Dubai, supported by developing infrastructure and an expanding tourism base.
Tourism figures for the emirate reached 1.35 million visitors in 2025, representing a 6 per cent year-on-year increase. Projections indicate that visitor numbers could grow to nearly 5.5 million by 2030. The forthcoming Wynn Al Marjan Island resort is expected to act as a catalyst for further demand in the area, reinforcing the island’s credentials as a focused investment zone.
Beyond its UAE operations, Almal Real Estate Development is continuing to expand its portfolio across markets including Bali and Cyprus, delivering residential, hospitality, and mixed-use developments in partnership with operators recognised at an international level.
