Thursday, May 17, 2007

Mina Al Fajer in Fujairah with residential villas and apartments

While it may have been a trifle late into the game compared with Dubai or Ras Al Khaimah, Fujairah intends to leverage its natural assets - a long waterfront - in the best possible way.

A new mixed-use development, Mina Al Fajer, aims to offer residential investors a similar sort of grandeur as is the case in the south of France.

"We hope to be present at Fujairah when the tourism boom hits the emirate. It is the natural beauty of Fujairah that is our inspiration in launching this project here," says Abdulrahman Al Awar, Managing Director of Mina Al Fajer Real Estate.

Expected to open by the end of 2009, Mina Al Fajer will combine an equitable mix of mountain and solarium villas and marina apartments.

There will also be a 100-berth marina and a five-star hotel to be managed by Fairmont Hotels and Resorts.

"The Mina Al Fajer will be the only project of its kind to combine three different aspects of nature - the mountains, the sea and the pristine beaches. It will be spread over 777,025 square feet and located just at that point where the Hajar Mountains meet the sea," adds Al Awar.

Every apartment and villa will have a sea view, thanks to the seemingly fluid architectural nature of the buildings.

It is the creation of eminent French designer Xavier Bole, and Erga Progress, a Dubai based consultancy which has had projects in Lebanon and the UAE.

On the hospitality side too, Fujairah has a lot going for it. Hotel occupancy figures have more than doubled in the last five years, with weekends seeing the rates shoot up past the 90 per cent mark.

The marina, restaurants and boardwalks will be accessible to guests at the hotel, who will also have their own 200-metre private beach alongside a man-made lagoon.

Project details

  • An apartment in the Dh600 million Mina Al Fajer development is decidedly in the premium range starting at Dh1.7 million. A Fairmont signature villa is even steeper and is between Dh4.5 to Dh9 million depending on the size and location.
  • Too expensive? No way, Abdulrahman Al Awar, Managing Director of Mina Al Fajer Real Estate, assures you. Apart from the 80 marina apartments, 48 mountain and 13 solarium villas are featured in the master-plan. "We did a pre-launch a short while back to check out its desirability, and 40 per cent of the property was gone in just four days. It just goes on to show there are more than enough people willing to put their money on good quality housing and accommodation."
  • UAE nationals and GCC residents can avail of a 90 per cent loan being offered by the National Bank of Abu Dhabi on a 10 per cent down payment.
  • Enabling contracts for the project will commence this month, and excavations are scheduled for June. Mina Al Fajer Real Estate is currently carrying out feasibility studies in Abu Dhabi, Egypt, Eastern Europe, Lahore and Karachi.

[Source - Property Weekly]

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