The prime 40,000-square-metre plot on Al Marjan Island was bought from master developer Marjan, Aldar said in a filing to the Abu Dhabi Securities Exchange, where its shares are traded.
It did not give the financial details of the transaction.
Aldar, Abu Dhabi’s biggest developer, intends to combine the plot with land purchased as part of the DoubleTree by Hilton Resort & Spa Marjan Island acquisition earlier this year to develop a mixed-use residential community overlooking the Arabian Sea.
“Ras Al Khaimah continues to represent an attractive market for Aldar, driven by the emirate’s demographics, strong market fundamentals and dynamics,” said Talal Al Dhiyebi, group chief executive at Aldar Properties.
“Its appeal as an investment and living destination continues to grow, benefitting from the return of leisure travel and the continued efforts and execution of the emirate’s strategy to attract investment, residents and visitors.”
The acquisition is Aldar’s fourth in Ras Al Khaimah this year. The developer is investing and launching new projects in the UAE and beyond.
In July, Aldar acquired the DoubleTree Marjan Island, as well as an adjacent beachfront development plot for Dh810 million ($220.55 million).
In April, Aldar bought Rixos Bab Al Bahr hotel in Ras Al Khaimah in a Dh770 million deal.
As part of the transaction, Aldar Investment also secured development rights for an additional 23,225 square metres for residential and commercial use, it said, at the time.
In February, Aldar bought Al Hamra Mall in a $111.6 million deal, which was its first investment deal outside Abu Dhabi.
On Tuesday, Aldar said its latest investment underpins the company's commitment to the Ras Al Khaimah market, which has “considerable growth potential … backed by robust market fundamentals”.
The company will continue to “scale, diversify and grow its offering in the emirate following the recent acquisitions”, it said.
The project in Ras Al Khaimah, scheduled to begin in 2023, will be a mix of more than 2,000 branded and premium residences with access to retail spaces, a beach club and 2km of private beach.
Aldar is also increasing its investments outside the UAE. Last year, a consortium of Aldar Properties and one of the region’s biggest holding companies, ADQ, acquired a majority stake in Egypt’s Sixth of October for Development and Investment Company for 6.1 billion Egyptian pounds ($386.8 million).
Aldar Properties reported an 18 per cent increase in its third-quarter profit to about Dh557 million on the back of higher revenue and rental income.
The growth was driven by continued strong demand for inventory and new property launches in the UAE, as well as robust sales in Egypt, with a “strong and buoyant” property market expected well into 2023, the company said last month.