National Bank of Fujairah has issued Abu Dhabi-based real estate firm Eagle Hills a $81.6-million loan to develop a hotel and resort. The Address Fujairah Resort & Spa in Sharm, Fujairah will have a hotel with 198 guestrooms and villas and 170 branded residences, Gulf Business reported.
In December, general engineering and contracting company BATCO Group was commissioned for marina and grading works for the project. The 1.2-million-square-foot resort is expected to be complete in 2019. The site is next to the beach and a 1640-foot promenade and plaza.
Eagle Hills has also planned to construct a second luxury hotel—the Palace Fujairah Beach hotel—as part of a major mixed-use project in Fujairah with 84 villas.
The developer has progressed with its 11-story Marassi Shores Residences project at the Diyar Al Muharraq development in Marassi Al Bahrain. This month, the group signed a construction contract with Dadabhai Construction to develop the residential apartments. Daniel Hammond, GM at Eagle Hills, told TradeArabia, “Marassi Shores is a U-shaped property...surrounding a private leisure complex and directly adjacent to our retail promenade and beach. It is a key component of Marassi Al Bahrain, and one of the most demanding, as up to 900 construction workers will be working at the site during peak hours."
The 287-unit residences are near the new hotels The Address Marassi Al Bahrain and Vida Marassi Al Bahrain and the Marassi Galleria shopping and entertainment center, which are included the master development. The developer broke ground on phase one of the master development in September 2016. When it is complete, Marassi Al Bahrain will have 22,000 residents, 6,000 residences and 2.7 million square feet of retail space. The project is also expected to generate over 1,200 jobs.