Tuesday, October 02, 2007

Al Hamra Palace Hotel Apartments Up For Sale

Al Hamra Real Estate development LLC has launched the Phase 3 project of the prestigious Al Hamra Village in Ras Al Khaimah, at a total investment cost of AED 7 billion.

The sale of the mixed use, residential and commercial property is now also open to investors. The project is expected to be completed in 2010.

Al Hamra Village in Ras Al Khaimah
Also available for sale, is the luxurious hotel apartments at the magnificent 7 Star Palace Hotel. There are only a limited number of hotel apartments as part of this deluxe beach-front property. The hotel is due to open in late 2008 and is built in an contemporary Arabesque design, keeping up with the rich cultural heritage of Ras Al Khaimah

"The third phase of Al Hamra will have a core of 14 residential buildings with a total of 3,900 apartments and town houses, which we expect to be ready by end of 2010. As part of the immediate release, there are 700 high quality luxury villas, plus 1000 studios 1, 2 and 3 bedroom apartments which will be available for sale on a 100% Freehold", said Piras.

The project will also offer fantastic luxurious penthouses with 180 degree panoramic views of the Arabian Gulf and coastline. This project is surrounded by salt water lagoons, private outdoor swimming pools and landscaped gardens.

Other amenities in this project include, the 18-hole championship Golf course, designed by renowned Golf course designer Peter Harradine.

There will be a 200-berth Al Hamra Village Marina, which is unique as it overlooks the beautiful surrounding harbour town. Comparable only to the best that Europe has to offer, the Marina and club house will provide full services. It will also offer a superb dining experience next to the Marina apartments.

The new Al Hamra Shopping Mall will be a shopper's paradise, with over 100 stores of which 92% is leased out. It has attracted supermarket chains and major retailers with such names as Spinneys, Damas, Interiors, and Paris Gallery. The facility will also accommodate other retail service outlets including food courts, designer clothing boutiques, and electronic stores among others.

Piras also disclosed that mortgages are being offered by several banks and institutions. The mortgages, he said will be administered under the terms set by these institutions.

"The cost of the apartments and villas in Al Hamra are very competitive. Financing institutions are now offering finance up to 80% of the total value of the unit, for a maximum of 15 years.

Residence Visa is provided on the purchase of each unit and the owner is allowed to register his property with the Land Department of Ras Al Khaimah, upon completion of full payment," said Piras.

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