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Eshraq Investments PJSC (“Eshraq” or “Company”), an Abu Dhabi investment company listed on the Abu Dhabi Stock Exchange (“ADX”), announced that its first mixed-use project in Marina Rise on Rim Island In less than 60 days after the start of the handover process, more than 60% have been rented out.
Marina Rise is the first project completed by Eshraq and will contribute to the company’s recurring revenue. The development project obtained a building completion certificate issued by the Abu Dhabi City Government in July 2021, and the handover process of the commercial and residential units of the project began on September 1, 2021.
As a high-end mixed-use project that adds vitality to the Reem Island community, Marina Rise has attracted the interest of millennials and other customer groups, especially those who work in or near ADGM and Hub 71. The retail space of the project provides a huge opportunity for companies wishing to operate in a strategic waterfront location.
Ajit Joshi, authorized member of the Eshraq board of directors, Said: “We were able to achieve an occupancy rate of more than 60% in such a short period of time, which proves the high quality of the development and emphasizes the effectiveness of our strategy from construction to leasing. We have also adopted other high-quality leasing and hotel projects This is evidenced by the DIFC and Nuran Marina Hotel Apartments. These projects continue to outperform the market and have high occupancy rates. The Marina Rise development project not only increases our recurring income, but also helps us monetize our land reserves for We can start developing the next plot adjacent to Marina Rise.”
Located on the west side of Reem Island, Marina Rise Tower is a mixed-use building with 233 residential units and waterfront retail units. Eshraq also owns another 5 plots in the same area and hopes to start the design work for the next development project.
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