RAK Govt. to take-over La Hoya Bay island property project
Tuesday, June 09, 2009
The RAK Government has agreed to take-over the Dh.2billion La Hoya Bay island property project, which was under threat due to the collapse of its developer.
The decision came as a relief to several hundreds of investors who had invests all their savings on the flagship project of the Ras Al Khaimah Investment Authority (RAKIA), located on the man-made island, Al Marjan.
The Chief Executive of RAKIA, Khater Massaad, Sheikh Saud bin Saqr, the Crown Prince and Deputy Ruler of RAK, confirmed that the investors will not be put into trouble, and that the project will surely be continued.
The investors had urged the Government to come to their rescue, as the original developer of the project, Khoie Properties, became insolvent and stopped construction. A senior board member of Khoie Properties was imprisoned, as it failed to honour a cheque for Dh.57mn, in favour of the Government to pay for the land on the island.
RAKIA has requested the court to designate an official receiver for Khoie Properties. Another developer would be appointed to complete the first phase of La Hoya Bay, which includes seven residential buildings, comprising seven storeys.
Rakeen, a property arm of the Government, may be designated as the new project manager, as it is also the master developer of the whole island. Once this is done, Rakeen will open an escrow account and award construction of the project to a new company within a month, and the project is also likely to be re-named.
Khoie Properties had already received a 30 percent down-payment from investors, worth Dh.280mn, with the balance due on completion. Now, Rakeen proposes to ask investors to pay another 50 percent of the agreed price in five installments to finance construction, with only 20 percent due on completion. Rakeen said it would absorb any loss of initial downpayment, although it is now unrecoverable. However, Rakia will not take up any liabilities of Khoie Properties.
La Hoya Bay project was planned to be developed in three phases. The second and third phases were themed as Business Village and Regency respectively. The land for the two phases may be sold to other developers, if interested.
This RAK project is another instance which indicates the government intervention on the UAE property market, which has suffered steep price declines and growing defaults during recent months.
[Source The National ]
The decision came as a relief to several hundreds of investors who had invests all their savings on the flagship project of the Ras Al Khaimah Investment Authority (RAKIA), located on the man-made island, Al Marjan.
The Chief Executive of RAKIA, Khater Massaad, Sheikh Saud bin Saqr, the Crown Prince and Deputy Ruler of RAK, confirmed that the investors will not be put into trouble, and that the project will surely be continued.
The investors had urged the Government to come to their rescue, as the original developer of the project, Khoie Properties, became insolvent and stopped construction. A senior board member of Khoie Properties was imprisoned, as it failed to honour a cheque for Dh.57mn, in favour of the Government to pay for the land on the island.
RAKIA has requested the court to designate an official receiver for Khoie Properties. Another developer would be appointed to complete the first phase of La Hoya Bay, which includes seven residential buildings, comprising seven storeys.
Rakeen, a property arm of the Government, may be designated as the new project manager, as it is also the master developer of the whole island. Once this is done, Rakeen will open an escrow account and award construction of the project to a new company within a month, and the project is also likely to be re-named.
Khoie Properties had already received a 30 percent down-payment from investors, worth Dh.280mn, with the balance due on completion. Now, Rakeen proposes to ask investors to pay another 50 percent of the agreed price in five installments to finance construction, with only 20 percent due on completion. Rakeen said it would absorb any loss of initial downpayment, although it is now unrecoverable. However, Rakia will not take up any liabilities of Khoie Properties.
La Hoya Bay project was planned to be developed in three phases. The second and third phases were themed as Business Village and Regency respectively. The land for the two phases may be sold to other developers, if interested.
This RAK project is another instance which indicates the government intervention on the UAE property market, which has suffered steep price declines and growing defaults during recent months.
[Source The National ]
Labels: Latest News, Ras Al Khaima
RAKIA RERA to monitor implementation of escrow account laws
Thursday, January 01, 2009
RAKIA (Ras Al Khaimah Investment Authority), the government body responsible for the socio-economic growth of the emirate, has revealed that the recent establishment of RAKIA RERA (Real Estate Regulatory Agency), according to an Emiri Decree, has led to increased protection for real estate investors, as the Agency will monitor the implementation of the escrow account law for freehold projects under RAKIA.
Several of the property developers have registered their projects with RAKIA RERA, which now supervises real estate developments worth a total value of Dh.6bn or more. Developers can register with RAKIA RERA once the concept design of the project has been approved. This will enable them to open an escrow account, and begin selling properties. RAKIA RERA will monitor whether the construction is happening as it should be, and will appoint a team of engineers to inspect projects and ensure that the major points in the contract are followed.
The General Manager of RAKIA RERA, Eng. Yahia Kambris, said that the establishment of the new real estate supervisor signifies the interest by RAKIA RERA to safeguard and protect the interest of investors and reinforce the reputation of RAK as an attractive investment destination in the region.
The developers registered under the RAKIA RERA are the developer of Pacific, Manazil Real Estate, developers of Marbella Bay, Pure Real Estate, developer of Blue Mirage, Stallion Properties, and Santorini and e-myproperty, developer of Bab Al Badr, and Yes Properties, the developer of The Quay, all of which are now completing the registration process, will soon open an escrow account.
Several banks, including the Bank of Baroda, Commercial Bank of Dubai, Abu Dhabi, Badr Al Islami-Mashreq, have all signed agreements with RERA to offer Escrow Accounts.
Ever-since its establishment in 2005, RAKIA has been one of the pillars for the economic progress of the emirate, with several groundbreaking investment initiatives in the emirate and across the international markets.
Several of the property developers have registered their projects with RAKIA RERA, which now supervises real estate developments worth a total value of Dh.6bn or more. Developers can register with RAKIA RERA once the concept design of the project has been approved. This will enable them to open an escrow account, and begin selling properties. RAKIA RERA will monitor whether the construction is happening as it should be, and will appoint a team of engineers to inspect projects and ensure that the major points in the contract are followed.
The General Manager of RAKIA RERA, Eng. Yahia Kambris, said that the establishment of the new real estate supervisor signifies the interest by RAKIA RERA to safeguard and protect the interest of investors and reinforce the reputation of RAK as an attractive investment destination in the region.
The developers registered under the RAKIA RERA are the developer of Pacific, Manazil Real Estate, developers of Marbella Bay, Pure Real Estate, developer of Blue Mirage, Stallion Properties, and Santorini and e-myproperty, developer of Bab Al Badr, and Yes Properties, the developer of The Quay, all of which are now completing the registration process, will soon open an escrow account.
Several banks, including the Bank of Baroda, Commercial Bank of Dubai, Abu Dhabi, Badr Al Islami-Mashreq, have all signed agreements with RERA to offer Escrow Accounts.
Ever-since its establishment in 2005, RAKIA has been one of the pillars for the economic progress of the emirate, with several groundbreaking investment initiatives in the emirate and across the international markets.
Labels: Property Law, Ras Al Khaima
Bollywood superstar, Shah Rukh Khan, to venture into UAE property sector
Thursday, September 18, 2008
The Indian film industry's uncrowned King, Shah Rukh Khan is said to have ventured into the UAE realty sector as a real estate developer.
The Bollywood superstar has started conceptualizing few properties in Ras Al Kahimah emirate of the UAE, and will begin with the Shah Rukh Khan Boulevard, located in the island of Al Dana in Ras Al Khaimah.
The superstar is expected to arrive in Dubai for the forthcoming Cityscape exhibition to be held between 6th and 9th October.
Shah Rukh Khan has teamed up with Nakheel, the leading property developer in the UAE to purchase a house on the man made island of Palm Jumeirah, located off the coast of Dubai.
The property in Ras Al Khaimah will include studio, single and double bedroom apartments, designed by well-known architect Toni Ashai. The superstar, himself, is said to have associated with the development via TSA International Investments, a leading property financial consultancy in the UAE.
The Bollywood superstar has started conceptualizing few properties in Ras Al Kahimah emirate of the UAE, and will begin with the Shah Rukh Khan Boulevard, located in the island of Al Dana in Ras Al Khaimah.
The superstar is expected to arrive in Dubai for the forthcoming Cityscape exhibition to be held between 6th and 9th October.
Shah Rukh Khan has teamed up with Nakheel, the leading property developer in the UAE to purchase a house on the man made island of Palm Jumeirah, located off the coast of Dubai.
The property in Ras Al Khaimah will include studio, single and double bedroom apartments, designed by well-known architect Toni Ashai. The superstar, himself, is said to have associated with the development via TSA International Investments, a leading property financial consultancy in the UAE.
Labels: Latest News, Ras Al Khaima, UAE
Bab Al Bahr Tower at Al Marjan Island launched for sale
Friday, August 01, 2008
Rakeen, the land developer and master planner of Ras Al Khaimah Government which adheres to environmental responsibility when planning and developing projects, has now announced the sales launch of the Bab Al Bahr Office Tower, one of the key projects within the Dh.1.2bn mixed-use resort development, Bab Al Bahr in Ras Al Khaimah.
The Bab Al Bahr Office Tower is the 'only' office and commercial building between the entrance of Ras Al Khaimah and the downtown Ras Al Khaimah City. The Bab Al Bahr Office Tower includes 108 offices for sale, located in the free zone area, open to all local and international investors.
Bab Al Bahr is the inaugural development project on Al Marjan Island. The man-made coral shaped island spreads across 4kms into Arabian Gulf. The island-inspired completely integrated community offers visitors and occupants extensive landscaping, exotic gardens and 500-meter long stretch of beach.
Bab Al Bahr Office Tower is a 2-storey office facility, spreading across a shopping complex of 19000 square meters. The tower provides a complete range of business and office amenities that offer wonderful views of the Gulf, apart from parking amenity for about 400 cars. The office storey also offers free zone trade licenses and easy access to a fully integrated development complex, including residential apartments and 320 room resort hotel. The shopping complex includes luxury retail stores, food court, cafes, family entertainment center, and four screen cinemas.
Rakeen has recently entered into marketing and sales initiatives for Bab al Bahr Tower, following recent commencement of construction, which has been progressing at a healthy pace. Construction work is currently in the piling stage, and the progress is well on schedule.
A Member of the Board at Rakeen, Wahid Attalla, said that the company hopes that the initial sales results of the tower would surpass the expectations of one and all, as the resort development has been so designed that it meets world-class amenities that cater to leisure, business, recreational and personal needs of clients.
The Bab Al Bahr Office Tower is the 'only' office and commercial building between the entrance of Ras Al Khaimah and the downtown Ras Al Khaimah City. The Bab Al Bahr Office Tower includes 108 offices for sale, located in the free zone area, open to all local and international investors.
Bab Al Bahr is the inaugural development project on Al Marjan Island. The man-made coral shaped island spreads across 4kms into Arabian Gulf. The island-inspired completely integrated community offers visitors and occupants extensive landscaping, exotic gardens and 500-meter long stretch of beach.
Bab Al Bahr Office Tower is a 2-storey office facility, spreading across a shopping complex of 19000 square meters. The tower provides a complete range of business and office amenities that offer wonderful views of the Gulf, apart from parking amenity for about 400 cars. The office storey also offers free zone trade licenses and easy access to a fully integrated development complex, including residential apartments and 320 room resort hotel. The shopping complex includes luxury retail stores, food court, cafes, family entertainment center, and four screen cinemas.
Rakeen has recently entered into marketing and sales initiatives for Bab al Bahr Tower, following recent commencement of construction, which has been progressing at a healthy pace. Construction work is currently in the piling stage, and the progress is well on schedule.
A Member of the Board at Rakeen, Wahid Attalla, said that the company hopes that the initial sales results of the tower would surpass the expectations of one and all, as the resort development has been so designed that it meets world-class amenities that cater to leisure, business, recreational and personal needs of clients.
Labels: Rakeen, Ras Al Khaima, Resorts, Sales
Virtual Offices form the latest trend, as companies are unable meet high costs
Unable to manage high operating costs in Dubai, majority of the new companies are planning to begin operations in the free zones in UAE, such as Ajman Free Zone, Fujairah Free Zone, Ras Al Khaimah Free Trade Zone and Hamriyah (Sharjah) free zone.
According to a study by Jitendra Business Consultants, one of the prominent consulting firms in UAE, the four Emirates are making efforts to attract companies through their innovative offerings such as Flexi-Desk, e-Office and Virtual Office.
The "Virtual Office" in Fujairah Free Zone, bears the address of an office, the telephone numbers, the meeting rooms, of an office, except the fact that the determining factor, you, are not actually present in the office.
For instance, the Ajman's Free Zone e-office center, includes amenities such as high speed internet, and table space. The e-office center includes exclusive business desk with interiors and amenities such as board rooms, meeting halls, restaurant and high-speed internet connectivity.
Even the Sharjah (Hamriyah) Free Zone includes similar amenities.
Even the Sharjah (Hamriyah) Free Zone includes similar amenities.
The "Flexi-Desk" by RAK Free Trade Zone, is networked desk, which has been designed for single-person users such as self-employed businessmen or establishments. It offers a furnished semi-close office with an executive desk, chair and private email address, and an individual post box number.
The Managing Partner of JBC, Jitendra Gianchandani, said that the trend is on the rise, with new companies seeking economical options, as the emirates have realized that a huge business potential bridges the gap.
According to Gianchandani, Virtual Office is just right for investors who wish to operate a bank account with minimal resources, and just one or two visa requirement. With the e-office or virtual office, investors can open a bank account anywhere in UAE, and also import or export goods from any seaports or airports in UAE. In addition to this, annual audit is not compulsory and the presence of all shareholders is not necessary during incorporation, which further leads to cost savings.
Gianchandani revealed that his company has helped several companies to obtain Virtual Office, e-Office, and Flexi-Desk licenses till date.
Labels: Freezones, Ras Al Khaima, UAE
Ras Al Khaimah plans to offer long-term residence visas to investors
Tuesday, July 22, 2008
The government in Ras Al Khaimah plans to offer long term residence visas (more than three-year residency permits) to property buyers, revealed a top government official.
The Ras Al Khaimah Government is making an effort to facilitate long term residence visas to property buyers, announced Dr. Khater Massasad, the Chief Executive of RAKIA (Ras Al Khaimah Investment Authority).
Dr. Khater said that he hopes that this will happen in future, and boost foreign investments in property sector.
At present, UAE grants a three-year renewable employment and residence visas to expat workers and professionals in private sectors, sponsored by their employers and spouses, while the public sector employees are granted a five-year visa.
The discussions are on regarding issuance of long-term residence and business visas that are likely to help expatriate investors and businessmen in boosting investor confidence. This initiative, if successful, will boost investments further. Currently property investors are granted three-year renewable residency permits, facilitated through offshore companies and developers.
There is no federal law that guarantees residence visas to property owners, and it is being facilitated through companies. The companies sponsor the residence visas of investors. This enables investors to get their visas, while also being able to live in these properties.
The Ras Al Khaimah Government is making an effort to facilitate long term residence visas to property buyers, announced Dr. Khater Massasad, the Chief Executive of RAKIA (Ras Al Khaimah Investment Authority).
Dr. Khater said that he hopes that this will happen in future, and boost foreign investments in property sector.
At present, UAE grants a three-year renewable employment and residence visas to expat workers and professionals in private sectors, sponsored by their employers and spouses, while the public sector employees are granted a five-year visa.
The discussions are on regarding issuance of long-term residence and business visas that are likely to help expatriate investors and businessmen in boosting investor confidence. This initiative, if successful, will boost investments further. Currently property investors are granted three-year renewable residency permits, facilitated through offshore companies and developers.
There is no federal law that guarantees residence visas to property owners, and it is being facilitated through companies. The companies sponsor the residence visas of investors. This enables investors to get their visas, while also being able to live in these properties.
Labels: Latest News, Property Law, Ras Al Khaima
Stallion Properties launches Santorini development at RAK
Inline with its plans to raise the total portfolio of its projects to Dh.4.5bn in UAE, Stallion Properties launched Dh.1.2bn worth Greek-style development on Marjan Island in Ras Al Khaimah.
The Santorini development will include 560 units, spreading across an area of 463,000 Square Feet. The units will include Zeus villas, Aphrodite townhouses, Artemis luxury condos and Apollo condos, water bungalows, and five-star hotel.
Inspired by the iconic Greek archipelago, Santorini development offers residents the enjoyment of majestic romance of Greek island, together with the luxuries of Arabia.
Each property in the Santorini development comes with its own unique features. The Zues villas offer wonderful panoramic sea views with Jacuzzi on terrace and your own private infinity pool. The Aphrodite townhomes offer the luxury of serene views of a private lake, while the Apollo condos include duplexes and penthouses with Gymnasiums, pools, and podium parking. The Artemix luxury condos go further in offering private clubhouse, vas Jacuzzi, lap pool and children's wading pool.
The construction will commence in October this year, and will be complete in 2011. Stallion Properties has also entered into tie-up with Aspire Real Estate to help with sales and marketing of Santorini project.
The units at Santorini are sold in packages of seven, as the investors intend to make money from resales, with the cheapest package being available for around Dh.10mn.
The Marjan Island is a Dh.6.6bn project and is also one of the major developments in progress in Ras Al Khaimah. The mega-project is a mini archipelago, and includes five man-made islands spread across 2.7mn square meters. The Island is so designed that it stretches over two kilometers into the Gulf.
Stallion Properties also plans to launch two towers in Palm Jebel Ali at a cost of Dh.3bn, thereby increasing the portfolio of the company to around Dh.4.5bn.
Labels: Luxury Homes, Ras Al Khaima, Townhouses
Ras Al Khaimah curbs new rent law
Saturday, June 14, 2008
Ras Al Khaimah has passed an order freezing the new rent law, and has announced that the earlier law would remain effective until 1st October 2008. In the meanwhile, new amendments will be done to the new legislation.
A senior government official revealed that the controversial Law No.8 for 2008, issued during 26th May 2008 required amendments, as it was vague.
The new law which states capping of rent increases at five percent for residential properties and seven percent for commercial properties has been criticized as it leaves landlords with an upper hand.
According to the official, Article No.24 of the new law has many interpretations, which gives landlords the right to evict their tenants. This aspect is being reviewed. Besides, the residents had been approaching the Rental Dispute Authority, and the Courts, with enquiries, questions and complaints.
The Rental Dispute Authority is yet to invoke the new law in any dispute, and has not accepted any dispute cases, as it has been awaiting the clarification of the new law from the Emiri Court.
The official revealed that by re-imposing the earlier law with 15 percent rent cap is being done to protect the rights of both tenants and landlords.
Ever-since the announcement of the new law, people have been complaining that it is vague and unfair to the tenants, as it gives the landlords the right to evict them and re-rent the properties.
Several landlords had approached the courts to file eviction cases, but their cases were put on hold, until the government decided to enforce the older law.
A senior government official revealed that the controversial Law No.8 for 2008, issued during 26th May 2008 required amendments, as it was vague.
The new law which states capping of rent increases at five percent for residential properties and seven percent for commercial properties has been criticized as it leaves landlords with an upper hand.
According to the official, Article No.24 of the new law has many interpretations, which gives landlords the right to evict their tenants. This aspect is being reviewed. Besides, the residents had been approaching the Rental Dispute Authority, and the Courts, with enquiries, questions and complaints.
The Rental Dispute Authority is yet to invoke the new law in any dispute, and has not accepted any dispute cases, as it has been awaiting the clarification of the new law from the Emiri Court.
The official revealed that by re-imposing the earlier law with 15 percent rent cap is being done to protect the rights of both tenants and landlords.
Ever-since the announcement of the new law, people have been complaining that it is vague and unfair to the tenants, as it gives the landlords the right to evict them and re-rent the properties.
Several landlords had approached the courts to file eviction cases, but their cases were put on hold, until the government decided to enforce the older law.
Labels: Property Law, Ras Al Khaima
e-myproperty forays into property development with its iconic project Bab Al Badr
Thursday, June 12, 2008
Property Management and Consultancy Company, e-myproperty, has forayed into property development, with the launch of its first iconic project, a Dh.1.1bn island property, Bab Al Badr, an offshore man-made development, at Al Marjan Islands in Ras Al Khaimah.
The senior officials of e-myproperty, revealed that the development will contribute a value of Dh.6.6billion to Al Marjan Islands, which spreads across 29 million square feet on the south west of the emirate.
Comprising 12 storey elliptical twin towers, the iconic island property will be linked by a sky bridge to an 8 storey building, and will offer a blend of high-end luxury residential units, serviced apartments and vibrant retail zone.
Bab Al Badr (Gateway to the moon) is a first-of-its-kind project, with all-round architectural excellence that blends tradition with modern amenities. The components of Bab Al Badr will offer modern amenities under one canopy. The project will include three levels of basement parking, podium parking, private gardens, restaurants, coffee shops, gymnasium, property management services, sauna, apart from studios, single, double and triple bedroom units, duplexes, and townhouses.
The construction of the project will begin in August 2008, and is likely to be complete by 2011.
Labels: Luxury Homes, Ras Al Khaima
Rakeen's Dh.15billion Dana Island launched in RAK
Tuesday, June 10, 2008
Rakeen, the property developer and real estate arm of Ras Al Khaimah government, has launched a Dh.15billion mixed-use island around the shoreline to the Ras Al Khaimah coast. The island is expected to add about 53kms to the Ras Al Khaimah shoreline, and stretches seven kilometers into the Arabian Gulf.
The island will be completed in two phases, and will cater to a population of 40,00. According to Massad, the Chairman of Rakeen Board of Directors and Chief Executive Officer of Ras Al Khaimah Investment Authority (Rakia), Ras Al Khaimah has good demand and investment potential and has witnessed a growth of 14 percent per year.
"Dana Island is likely to be the most sought-after multipurpose developments in the UAE. Rakeen has adopted the most sophisticated construction technologies so as to ensure that Dana Island will preserve the marine environment. As Ras Al Khaimah continues to gain prominence as the preferred holiday and business destination in the region, we believe that Dana Island will add considerable value to the global appeal of the emirate," said Wahid Atta Alla, a member of Rakeen Board.
With a current portfolio of Dh.5billion, the other projects of Rakeen at Ras Al Khaimah are the Al Marjan Island, RAK Financial City, Gateway City and the Banyan Tree Resort. Rakeen also plans to develop projects in Esfahan in Iran, and also at Tbilisi Uptown and Tbilisi Heights in Georgia.
Dana Island, which measures five kilometers by six kilometers, will include
three main islands, and ten leaf-shaped islands. The island will have the
capacity to accommodate several world-class hotels, commercial and residential
complexes. It will include a theme park, the construction of which is already in
progress. The park would cover about 400,000 square meters and will be open in
another two years.
The island will be completed in two phases, and will cater to a population of 40,00. According to Massad, the Chairman of Rakeen Board of Directors and Chief Executive Officer of Ras Al Khaimah Investment Authority (Rakia), Ras Al Khaimah has good demand and investment potential and has witnessed a growth of 14 percent per year.
"Dana Island is likely to be the most sought-after multipurpose developments in the UAE. Rakeen has adopted the most sophisticated construction technologies so as to ensure that Dana Island will preserve the marine environment. As Ras Al Khaimah continues to gain prominence as the preferred holiday and business destination in the region, we believe that Dana Island will add considerable value to the global appeal of the emirate," said Wahid Atta Alla, a member of Rakeen Board.
With a current portfolio of Dh.5billion, the other projects of Rakeen at Ras Al Khaimah are the Al Marjan Island, RAK Financial City, Gateway City and the Banyan Tree Resort. Rakeen also plans to develop projects in Esfahan in Iran, and also at Tbilisi Uptown and Tbilisi Heights in Georgia.
Labels: Rakeen, Ras Al Khaima
Julfar Towers in Ras Al Khaimah completes 30 storeys
Saturday, May 24, 2008
Leading real estate developer in Ras Al Khaimah, RAK Properties, has announced the completion of construction works on its three-storey podium and utility networks of its 'Julfar Towers'. This was revealed during the second Ras Al Khaimah Real Estate and Investment Show, being held at the Ras Al Khaimah Exhibition Center between 22nd and 24th May 2008. RAK Properties is the sponsor of the show that brings together the region's leading contractors, developers and realty companies.
The construction work of the twin tower realty project, is on par with the residential tower, which now stands at 30 floors and the office tower which stands at 28 floors.
Centrally located in Ras Al Khaimah with adjacent creek, mangroves and a mountainour backdrop, both towers offers stunning views. The development is also only minutes away from the Hilton Hotel, Manar Mall, the beaches and the golf club. The project also offers 100% foreign ownership to investors of Julfar Business Tower.
The Julfar Towers real estate project in Ras Al Khaimah, worth Dh.500million comprises two 43 storey towers. One among this is a residential tower with 349 apartments and the other is an office tower with 468 units, built on a three-level podium. The podium also inclued an advanced business center, retail and food outlets. It is considered to be the nerve center for common facilities utilities.
The Managing Director and CEO of RAK Properties, Mohammed Sultan Al Qadi, said "The completion of the podium and utility networks is a major milestone in the construction of Julfar Towers. We are pleased with the manner in which the work has been progressing and we are confident of completing the project by next year."
Labels: Construction Projects, Freehold Property, RAK Properties, Ras Al Khaima
Rakeen rolls out development worth Dh 110bn at Ras Al Khaimah
Thursday, May 08, 2008
A property developer, Rakeen, owned by the Ras Al Khaimah Government, is soon likely to launch a Dh.110 billion master-planned development in the northernmost emirate of UAE, reports Gulf News.
The Chief Operating Officer of Rakeen, Dr. Imad Haffar, when speaking to Gulf News, revealed that on completion the integrated township community would accommodate a population of 120,000 to 150,000n people. The land value of the project is estimated to be about $6 to $7bn, and Rakeen is investing about $1bn to $2bn in its infrastructure.
Rakeen has also rolled out numerous other projects at Ras Al Khaimah (RAK), which is likely to help the government in materializing their economic growth plan and also helps in raising the standard of the emirate to a major tourism destination in the region.
Among the recent projects unveiled by Rakeen at RAK are the Bab Al Bahr and the Al Marjan Island, a $1.8bn mixed-use development to be built on a patch of reclaimed island on the Arabian Gulf.
In the meanwhile, Rakeen has unveiled a Dh.1.4bn RAK Convention and Exhibition Center, spread across 50,000 square meters of rentable area, and include five exhibition halls with a seating capacity of about 400 to 600 in each hall. It also includes three hotels with 750 keys, and a green park, all located between three towers - 62 storeyed 'The Tower' (5star), 12 storeyed 'The Oasis' tower, and 12 storeyed 'The Expo' (3 star) tower, apart from three storey shopping mall, food courts, seven cinemas, restaurants and cafes.
This mixed-use project will have an iconic look with superior high-quality finish using technologically advanced ceramics, developed by RAK ceramics.
"The RAK Convention and Exhibition Center will be the best of its kind in the region, and will be more than just a place of function. It will be an outstanding architectural masterpiece designed meticulously permitting future expansion," said Dr. Imad.
Established in April 2006, with an authorized capital of Dh.4mn, Rakeen has emerged to be the leading land master planner and developer, and has numerous high-profile local and international projects that are currently in progress.
The Chief Operating Officer of Rakeen, Dr. Imad Haffar, when speaking to Gulf News, revealed that on completion the integrated township community would accommodate a population of 120,000 to 150,000n people. The land value of the project is estimated to be about $6 to $7bn, and Rakeen is investing about $1bn to $2bn in its infrastructure.
Rakeen has also rolled out numerous other projects at Ras Al Khaimah (RAK), which is likely to help the government in materializing their economic growth plan and also helps in raising the standard of the emirate to a major tourism destination in the region.
Among the recent projects unveiled by Rakeen at RAK are the Bab Al Bahr and the Al Marjan Island, a $1.8bn mixed-use development to be built on a patch of reclaimed island on the Arabian Gulf.
In the meanwhile, Rakeen has unveiled a Dh.1.4bn RAK Convention and Exhibition Center, spread across 50,000 square meters of rentable area, and include five exhibition halls with a seating capacity of about 400 to 600 in each hall. It also includes three hotels with 750 keys, and a green park, all located between three towers - 62 storeyed 'The Tower' (5star), 12 storeyed 'The Oasis' tower, and 12 storeyed 'The Expo' (3 star) tower, apart from three storey shopping mall, food courts, seven cinemas, restaurants and cafes.
This mixed-use project will have an iconic look with superior high-quality finish using technologically advanced ceramics, developed by RAK ceramics.
"The RAK Convention and Exhibition Center will be the best of its kind in the region, and will be more than just a place of function. It will be an outstanding architectural masterpiece designed meticulously permitting future expansion," said Dr. Imad.
Established in April 2006, with an authorized capital of Dh.4mn, Rakeen has emerged to be the leading land master planner and developer, and has numerous high-profile local and international projects that are currently in progress.
Labels: Rakeen, Ras Al Khaima
Rakeen's 'Bab Al Bahr' project progressing as scheduled
Thursday, February 21, 2008
Rakeen, one of the most dynamic real estate developers in the region, has revealed that construction of its international standard apartment units in 'Bab al Bahr', the idyllic resort development on Al Marjan Island, is on track. Rakeen is one among the.
Piling is underway at present, while the apartment buildings are on its way to completion by the fourth quarter of 2009, revealed an official spokesman.
'Bab Al Bahr' (Your gateway to island living), the Dh.1.2 billion development, comprises 710 apartments in five buildings, that are available for freehold purchase. An additional 120 apartments are open for timeshare ownership.
The confirmation that the construction is progressing as scheduled, indicates a vital step in the development of the project that will finally encompass the residential buildings, a hotel, a timeshare building, an office tower, and a shopping mall, rendering an exclusive lifestyle.
The Client Representative and Project Manager, Wahid Attalla, who is also the CEO of Spectrum Consultants, said "Available directly from Rakeen, with 100 percent freehold ownership, the Bab Al Bahr apartments are housed in six stunning buildings, with a dramatic architecture, complementing the natural beauty of the island. Open private beachfronts, landscaped surroundings and 360-degree sea views, add to the feeling of openness and the freedom that Bab Al Bahr adds to daily life."
The Bab Al Bahr hotel and timeshare apartments will be operated and managed by B&G Hotels and Resorts, a premium hotel and resort management company. The units will be exlusively sold by the leading property management and real estate company, Asteco, while, 90 percent mortgages will be offered to buyers of Bab Al Bahr apartments by the Union National Bank.
Piling is underway at present, while the apartment buildings are on its way to completion by the fourth quarter of 2009, revealed an official spokesman.
'Bab Al Bahr' (Your gateway to island living), the Dh.1.2 billion development, comprises 710 apartments in five buildings, that are available for freehold purchase. An additional 120 apartments are open for timeshare ownership.
The confirmation that the construction is progressing as scheduled, indicates a vital step in the development of the project that will finally encompass the residential buildings, a hotel, a timeshare building, an office tower, and a shopping mall, rendering an exclusive lifestyle.The Client Representative and Project Manager, Wahid Attalla, who is also the CEO of Spectrum Consultants, said "Available directly from Rakeen, with 100 percent freehold ownership, the Bab Al Bahr apartments are housed in six stunning buildings, with a dramatic architecture, complementing the natural beauty of the island. Open private beachfronts, landscaped surroundings and 360-degree sea views, add to the feeling of openness and the freedom that Bab Al Bahr adds to daily life."
The Bab Al Bahr hotel and timeshare apartments will be operated and managed by B&G Hotels and Resorts, a premium hotel and resort management company. The units will be exlusively sold by the leading property management and real estate company, Asteco, while, 90 percent mortgages will be offered to buyers of Bab Al Bahr apartments by the Union National Bank.
Labels: Construction Projects, Freehold Property, Ras Al Khaima
RAK Properties, Millennium Group signs deal for managing Mina Al Arab Resort
Tuesday, October 23, 2007
The leading real estate developer in Ras Al Khaimah, RAK Properties, has entered into a deal with Millennium Hotels and Resorts, an international hospitality group, for managing the Millennium Mina Al Arab Resort in Mina Al Arab, the multi-billion realty development. At present, Millennium manages nine hotels in the UAE.
Mina Al Arab real estate development, launched in May 2006, is a Dh.10billion waterfront community, covering 30 square feet of the development, with a variety of facilities, ranging from residential buildings, hotels, marinas, and theme parks, to restaurants, shopping arcades and cafes.
The Managing Director of RAK Properties, Mohammad Sultan Al Qadi says "Millennium is the most recognized hospitality brands in the world. Millennium Mina Al Arab will be an exciting and refreshing experience for its visitors, as it is a combination of top quality hospitality of Millennium, with Mina Al Arab's emphasis on heritage and nature."
Mina Al Arab real estate development, launched in May 2006, is a Dh.10billion waterfront community, covering 30 square feet of the development, with a variety of facilities, ranging from residential buildings, hotels, marinas, and theme parks, to restaurants, shopping arcades and cafes.
The Managing Director of RAK Properties, Mohammad Sultan Al Qadi says "Millennium is the most recognized hospitality brands in the world. Millennium Mina Al Arab will be an exciting and refreshing experience for its visitors, as it is a combination of top quality hospitality of Millennium, with Mina Al Arab's emphasis on heritage and nature."
Labels: Mina Al Arab, RAK Properties, Ras Al Khaima, Resorts, Water front
Saraya to launch sales of its major projects at Cityscape Show
Wednesday, October 17, 2007
The up-coming Cityscape event in Dubai, will see Saraya Islands launch the sale of its two new upcoming projects, 'Saraya Village' and 'Al Marsa Island'.
Saraya will also reveal the latest developments happening in the company at its stand at the expo, expected to take place from the 16th to 18th October in Dubai. The Saraya Islands will be developing four distinct islands- Al-Boum, Al-Sahab, Al-Marsa and Al-Wahat, and a mainland village, the Saraya Village.
Saraya Island project will occupy a 5.5kms long natural island forming a Lagoon, bordered by the islands and its corresponding mainland site which is nearly 16 hectares. The unique landscape offers impressive mountain view, and two different waterfront experiences.
The project stands on an area of nearly 1.4million square meters, out of which, 65 percent will be developed, and 35 percent will be dedicated to common landscaped areas, beaches and open air activities.
Saraya Islands will be located in Ras Al Khaimah, between the Arabian Gulf Waters and Hajjar mountain series. The island provides all forms of luxury to meet the needs and expectations of tourists and residents.
Saraya will offer modern accommodations that range from high-end villas, lagoon view townhouses, terraced apartments, palatial villas, exotic bungalows, world-class themed hotels, serviced residential units, luxury spas and retreats, private and semi-private gardens, high quality retail, entertainment outlets and restaurants, amusement water park, pedestrian roads and bridges, walking and bicycle trails, amphitheatre and a marina.
Saraya will also reveal the latest developments happening in the company at its stand at the expo, expected to take place from the 16th to 18th October in Dubai. The Saraya Islands will be developing four distinct islands- Al-Boum, Al-Sahab, Al-Marsa and Al-Wahat, and a mainland village, the Saraya Village.
Saraya Island project will occupy a 5.5kms long natural island forming a Lagoon, bordered by the islands and its corresponding mainland site which is nearly 16 hectares. The unique landscape offers impressive mountain view, and two different waterfront experiences.
The project stands on an area of nearly 1.4million square meters, out of which, 65 percent will be developed, and 35 percent will be dedicated to common landscaped areas, beaches and open air activities.
Saraya Islands will be located in Ras Al Khaimah, between the Arabian Gulf Waters and Hajjar mountain series. The island provides all forms of luxury to meet the needs and expectations of tourists and residents.
Saraya will offer modern accommodations that range from high-end villas, lagoon view townhouses, terraced apartments, palatial villas, exotic bungalows, world-class themed hotels, serviced residential units, luxury spas and retreats, private and semi-private gardens, high quality retail, entertainment outlets and restaurants, amusement water park, pedestrian roads and bridges, walking and bicycle trails, amphitheatre and a marina.
Labels: Cityscape, New Developments, Ras Al Khaima, Real Estate Projects, Saraya-Islands
Al Hamra Palace Hotel Apartments Up For Sale
Tuesday, October 02, 2007
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.
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.
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.
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.
Labels: Al-Hamra, Apartments, Investment Property, Penthouse, Ras Al Khaima, Sales, Townhouses, Villa Projects
Jog Union wins contract to develop Phase I of Yasmin Village
Sunday, September 02, 2007
The construction contract for the first phase of the Dh.800million Yasmin Village has been awarded to Jog Union Engineering by its developers Union Group of Companies (UGC) and the RAK Real Estate.
Yasmin Village is a rural, family-oriented commercial and residential project located in Ras Al Khaima.
The project will help in creating an environment-friendly neighbourhood, where only hybrid battery operated cars will be used. It will be a closed community with an environment-friendly surrounding wherein almost all aspect of the nature, including water will be recycled.
The UGC Director for Business Development, Mahesh Ram said that Jog Union was awarded the construction contract after a thorough due diligence process and after carrying out various rounds of critical evaluation.
Yasmin Village is a rural, family-oriented commercial and residential project located in Ras Al Khaima.The project will help in creating an environment-friendly neighbourhood, where only hybrid battery operated cars will be used. It will be a closed community with an environment-friendly surrounding wherein almost all aspect of the nature, including water will be recycled.
The UGC Director for Business Development, Mahesh Ram said that Jog Union was awarded the construction contract after a thorough due diligence process and after carrying out various rounds of critical evaluation.
Labels: Construction Projects, New Contracts, Ras Al Khaima
RAK Island purchased by UAE nationals for Realty projects
Monday, August 20, 2007
An island in Ras Al Kaimah has been purchased by two UAE nationals to set up a real estate project, which is expected to be the first of its kind in the country.
The nationals purchased the Al Khayal or Fantasy Island for Dh.600 million, which will be later developed as a tourist site at a cost of Dh.8 billion.
The 22,000 square meters island, situated in Al Hamraa area of Ras Al Khaimah, was purchased by Ahmed bin Ali Al Abdullah (Executive Director- New Dubai Real Estate Development Company) and Abdullah bin Mohammed Al Shaibani (Executive Director – Amlak Al Medina Real Estate Company).
The two nationals purchased the island with an intention to set up realty firms, and have entered into partnerships with UAE property investors to develop the island.
Work on the island is expected to commence next year, and will be executed in four phases over a four-year period. The island will house 2,200 units, including flats and villas and commercial center.
Al Abdullah said, the natural island will be the focus for hotels, tourism, fishing and leisure activities. He said "The land has been offered by the government at a good price that would yield good returns, and we look forward for more governmental support for the completion of the project within the stipulated time. Most of our alliances include investors from Bahrain and Kuwait."
Al Abdullah mentioned that they have entered into an agreement with a local bank for management of the project investment, and that they plan to promote Ras Al Khaimah as a tourist destination.
As of now, sixty percent of the project is being planned to be put on sale, and on completion of the development, it will be sold in full.
The island will combine curved architectural and fishing design, and take the shape of a fisher's spear or an arrow used by UAE nationals in the past.
The nationals purchased the Al Khayal or Fantasy Island for Dh.600 million, which will be later developed as a tourist site at a cost of Dh.8 billion.
The 22,000 square meters island, situated in Al Hamraa area of Ras Al Khaimah, was purchased by Ahmed bin Ali Al Abdullah (Executive Director- New Dubai Real Estate Development Company) and Abdullah bin Mohammed Al Shaibani (Executive Director – Amlak Al Medina Real Estate Company).
The two nationals purchased the island with an intention to set up realty firms, and have entered into partnerships with UAE property investors to develop the island.
Work on the island is expected to commence next year, and will be executed in four phases over a four-year period. The island will house 2,200 units, including flats and villas and commercial center.
Al Abdullah said, the natural island will be the focus for hotels, tourism, fishing and leisure activities. He said "The land has been offered by the government at a good price that would yield good returns, and we look forward for more governmental support for the completion of the project within the stipulated time. Most of our alliances include investors from Bahrain and Kuwait."
Al Abdullah mentioned that they have entered into an agreement with a local bank for management of the project investment, and that they plan to promote Ras Al Khaimah as a tourist destination.
As of now, sixty percent of the project is being planned to be put on sale, and on completion of the development, it will be sold in full.
The island will combine curved architectural and fishing design, and take the shape of a fisher's spear or an arrow used by UAE nationals in the past.
Labels: Investment Property, Latest News, Ras Al Khaima, Real Estate Company
Rakeen's global expansion plans
Friday, June 15, 2007
The Ras Al Khaimah (RAK) based property developer, Rakeen, is fast expanding itself in the Middle East, India, Africa, Europe and the CIS, report Gulf news.
The Chief Operating Officer of Rakeen, Imad Haffar said "Currently we have nine projects that are in various stages of development in RAK, and we are also present in eight other countries including India, Georgia, Iran, Azerbaijan, and Ukraine. In addition, we are seriously considering Europe and Central Africa for further expansions."
The domestic portfolio of Rakeen comprises The Gateway, Al Marjan Islands, RAK offshore, Jabal Al Jais, Al Hamra Amenity Center, Banyan Tree Resort.
Al Marjan Islands is the first man-made island project that will be developed in RAK. It comprises a group of five islands which extend more than 2.7 million sq. mts., worth $1.8 billion. The project is expected to be ready by mid-2009.
The latest to join Rakeen's domestic portfolio of projects is the RAK offshore, a functional and modern complex, which comprises of 12 futuristic towers. The new project is expected to be the new hub for offshore financial operations for regional business community.
Rakeen has floated a joint venture property 'Rakindia' in India, with a paid-up capital of $120million.
Haffar said "Currently we have three projects under development in Chennai, Vaizag and Coimbatore. Shortly, we will have some in Bangalore. India is the most happening place, and we are looking to expand there."
Rakeen has already formed a $130 million joint venture, Prestige Land Iran, at Iran. Currently the company is developing a 190,000 Sq.mts shopping mall, and an office tower, and is planning to develop residential buildings and townships.
In Georgia, Rakeen has multi-use projects that are in various stages of development. In Africa, Rakeen is exploring a business potential at Congo, while in Europe, Bulgaria and Italy are two immediate targets.
Hafar mentioned "We are very eager about our expansion plans. Rakeen, which was launched eleven months ago, with a capital of Dh.400 million and asset base of Dh.4 billion, now the assets have more than doubled."
The Chief Operating Officer of Rakeen, Imad Haffar said "Currently we have nine projects that are in various stages of development in RAK, and we are also present in eight other countries including India, Georgia, Iran, Azerbaijan, and Ukraine. In addition, we are seriously considering Europe and Central Africa for further expansions."
The domestic portfolio of Rakeen comprises The Gateway, Al Marjan Islands, RAK offshore, Jabal Al Jais, Al Hamra Amenity Center, Banyan Tree Resort.
Al Marjan Islands is the first man-made island project that will be developed in RAK. It comprises a group of five islands which extend more than 2.7 million sq. mts., worth $1.8 billion. The project is expected to be ready by mid-2009.
The latest to join Rakeen's domestic portfolio of projects is the RAK offshore, a functional and modern complex, which comprises of 12 futuristic towers. The new project is expected to be the new hub for offshore financial operations for regional business community.
Rakeen has floated a joint venture property 'Rakindia' in India, with a paid-up capital of $120million.
Haffar said "Currently we have three projects under development in Chennai, Vaizag and Coimbatore. Shortly, we will have some in Bangalore. India is the most happening place, and we are looking to expand there."
Rakeen has already formed a $130 million joint venture, Prestige Land Iran, at Iran. Currently the company is developing a 190,000 Sq.mts shopping mall, and an office tower, and is planning to develop residential buildings and townships.
In Georgia, Rakeen has multi-use projects that are in various stages of development. In Africa, Rakeen is exploring a business potential at Congo, while in Europe, Bulgaria and Italy are two immediate targets.
Hafar mentioned "We are very eager about our expansion plans. Rakeen, which was launched eleven months ago, with a capital of Dh.400 million and asset base of Dh.4 billion, now the assets have more than doubled."
Labels: Ras Al Khaima, Real Estate Company
RAK Properties awarded Dh340m Mina Al Arab contract to Darwish
Thursday, May 17, 2007
Darwish Engineering Emirates and RAK Properties have entered into a deal of Dh.340million to carry out the infrastructure works of the Mina Al Arab project.
Mina Al Arab, worth Dh.10billion, launched during May 2006 by RAK Properties, is a mixed used development, with a unique mix of hospitality, leisure and residential components, contributing significantly in making Ras Al Khaimah as the much sought-after tourism destination.
Darwish has been awarded the contract for Mina Al Arab, as it is a prominent engineering firm with a rich portfolio of successful project history in the UAE, particularly in Ras Al Khaimah. The complete package of the infrastructure works for Mina Al Arab has been undertaken by Darwish.
The nature of work entrusted to Darwish by RAK Properties include the modern methods of wastewater treatment, high and low voltage electrical works, drainage works, potable water networks, street lighting, roads and bridges and telecommunication networks.
The Managing Director, RAK Properties, Mohammad Sultan Al Qadi, has mentioned that the company was eagerly on the look out for a contracting company who could meet up the targets and quality standards of this project, and they found the right choice in Darwish, who have a good record of producing quality results on-time.
According to the contract, the infrastructure work will begin this month-end and will be completed within eighteen months.
Mina Al Arab, worth Dh.10billion, launched during May 2006 by RAK Properties, is a mixed used development, with a unique mix of hospitality, leisure and residential components, contributing significantly in making Ras Al Khaimah as the much sought-after tourism destination.
Darwish has been awarded the contract for Mina Al Arab, as it is a prominent engineering firm with a rich portfolio of successful project history in the UAE, particularly in Ras Al Khaimah. The complete package of the infrastructure works for Mina Al Arab has been undertaken by Darwish.
The nature of work entrusted to Darwish by RAK Properties include the modern methods of wastewater treatment, high and low voltage electrical works, drainage works, potable water networks, street lighting, roads and bridges and telecommunication networks.
The Managing Director, RAK Properties, Mohammad Sultan Al Qadi, has mentioned that the company was eagerly on the look out for a contracting company who could meet up the targets and quality standards of this project, and they found the right choice in Darwish, who have a good record of producing quality results on-time.
According to the contract, the infrastructure work will begin this month-end and will be completed within eighteen months.
Labels: Mina Al Arab, RAK Properties, Ras Al Khaima
Dh12bn worth local and international projects to be launched by RAK
Tuesday, May 01, 2007
Rakeen, the real estate development arm of the Ras Al Khaimah Government, will launch local and international projects worth Dh12 billion in the next three years, a top company executive said.
“We plan to launch new projects worth Dh7bn in Ras Al Khaimah, while we study Dh5bn worth of projects in the international markets such as Lebanon, India, Egypt, Jordan, Georgia and Iran,” Dr Khater Massaad, Chief Executive of Rakeen, said yesterday after announcing the launch of the Dh1.2bn Bab Al Bahr luxury resort on the 21-million square feet Al Marjan Island.
While Rakeen has already launched projects worth Dh7bn in the emirate, it is also studying details of six more mixed-use projects.
The Bab Al Bahr resort will be the first to be developed on Al Marjan Island. On completion in 2009, the resort will consist of a fourstar deluxe hotel, time-share apartments, freehold residential apartments, a shopping centre and an office tower, offering residents and investors 360-degree sea views and open private beach fronts.
A total of five residential buildings, with 710 residential freehold apartments, will be constructed with 110 studio apartments, 300 one-bedroom apartments, 220 twobedroom apartments and 90 three-bedroom apartments.
Bab Al Bahr will also have a 290-room four-star deluxe hotel, incorporating 120 timeshare apartments, in addition to a 25-storey Bab Al Bahr retail and office tower, which will offer retail shopping and office space under a free zone trade licence.
Al Marjan Island is a cluster of five coral-shaped islands extending over 2.7 million square metres. Land reclamation is planned to finish by the end of this year, while development completion is planned for June 2009.
The total development cost of the island was $1.8bn (Dh6.61bn), he added.
The project in Esfahan, Iran, due for completion in 2010, will have a shopping mall, a seven-star luxury hotel, office and residential tower, a three-star hotel and an exhibition centre.
Rakeen is not averse to entering the booming Indian real estate sector.
“We plan to launch new projects worth Dh7bn in Ras Al Khaimah, while we study Dh5bn worth of projects in the international markets such as Lebanon, India, Egypt, Jordan, Georgia and Iran,” Dr Khater Massaad, Chief Executive of Rakeen, said yesterday after announcing the launch of the Dh1.2bn Bab Al Bahr luxury resort on the 21-million square feet Al Marjan Island.
While Rakeen has already launched projects worth Dh7bn in the emirate, it is also studying details of six more mixed-use projects.
The Bab Al Bahr resort will be the first to be developed on Al Marjan Island. On completion in 2009, the resort will consist of a fourstar deluxe hotel, time-share apartments, freehold residential apartments, a shopping centre and an office tower, offering residents and investors 360-degree sea views and open private beach fronts.
A total of five residential buildings, with 710 residential freehold apartments, will be constructed with 110 studio apartments, 300 one-bedroom apartments, 220 twobedroom apartments and 90 three-bedroom apartments.
Bab Al Bahr will also have a 290-room four-star deluxe hotel, incorporating 120 timeshare apartments, in addition to a 25-storey Bab Al Bahr retail and office tower, which will offer retail shopping and office space under a free zone trade licence.
Al Marjan Island is a cluster of five coral-shaped islands extending over 2.7 million square metres. Land reclamation is planned to finish by the end of this year, while development completion is planned for June 2009.
The total development cost of the island was $1.8bn (Dh6.61bn), he added.
The project in Esfahan, Iran, due for completion in 2010, will have a shopping mall, a seven-star luxury hotel, office and residential tower, a three-star hotel and an exhibition centre.
Rakeen is not averse to entering the booming Indian real estate sector.
Labels: New Developments, Ras Al Khaima
Khoie Properties launches Dh.550m commercial development in RAK
Tuesday, March 06, 2007
Khoie Properties, the Real-estate developer, has launched a commercial development worth Dh.550 million, in a free zone area in Ras Al Khaimah (RAK).
The Business Park, La Hoya Bay Business Park covering 500,000 Sq.Ft. of space, is a part of the company’s La Hoya Bay master development program, which is a project treated as a weekend retreat from Dubai.
The commercial building with Seven Storey, consisting of retail areas and offices with sizes varying from 40,000 to 10,000 Sq ft, is due for completion by March 2008. The prices for office space ranges from Dh.750 per square foot to Dh.1400 or Dh.1600 for commercial spaces.
The CEO and Chairman of Khoie Properties, Frank Koie, mentioned that residences and office space for a budget conscious customer is no-doubt a vital requirement in the region, keeping in mind the exceptional growth of Ras Al Khaimah. However, this sector is very much under-supplied.
Khoie added that the company decided an early completion date for the project, and the offices will be resizable and can be sold fully furnished without any additional cost.
Labels: New Developments, Ras Al Khaima
RAK Properties takes part in Extravaganza 2006
Thursday, November 09, 2006
RAK Properties PJSC took part in Extravaganza, an exhibition of luxury products and services for members of the Moscow Elite. It took place at the Manege Exhibition Center in Moscow from October 26 to October 28, 2006.
RAK Properties benefited a lot from the exhibition. It answered many queries about investing in the property market in the emirate of Ras Al Khaimah. Mohamad Sultan Al Qadi, Managing Director of RAK Properties said, “There are many investors who are choosing to invest in UAE in general and RAK in particular; RAK is the upcoming place for real estate investment.”
Julfar Towers, a 43 storied twin office and residential towers was the company’s maiden project. It was worth AED 500 million and was completed in February 2006. The company’s second project was Mina Al Arab worth AED 10 Billion and was launched in May 2006.
RAK Properties benefited a lot from the exhibition. It answered many queries about investing in the property market in the emirate of Ras Al Khaimah. Mohamad Sultan Al Qadi, Managing Director of RAK Properties said, “There are many investors who are choosing to invest in UAE in general and RAK in particular; RAK is the upcoming place for real estate investment.”
Julfar Towers, a 43 storied twin office and residential towers was the company’s maiden project. It was worth AED 500 million and was completed in February 2006. The company’s second project was Mina Al Arab worth AED 10 Billion and was launched in May 2006.
Labels: Ras Al Khaima
7 star hotel in La Hoya Ras Al Khaima
Friday, October 13, 2006
Ras Al Khaimah's twin-track strategy of residential and tourism related initiatives is paying off with Khoie Properties confirming the development of a seven-star, 500-room hotel as part of La Hoya Bay development.
Seven-star properties are still a rarity in the region, and such an announcement immediately raises the profile of the whole development. "The hotel will be closely integrated with the location on Marjan Island as it provides for a first-rate marina and all the requirements to create a signature setting," says Frank Khoie, Chairman and Chief Executive Officer.
"We have divided the La Hoya Bay project into five key phases and the one for the hotel will be bigger than the four others put together." For the moment, Khoie Properties is emphasising the residential element within the project, which is expected to take up seven years. The first phase, rolled out just recently, will involve 725 Mediterranean architecture-themed freehold units and cost $180 million.
Currie and Brown has been signed on to do the project management for this phase. "We are in the process of confirming the main contractor - three leading names are in the fray," adds Khoie. "While the market remains so unpredictable, we believe $180 million will be enough to see us through this phase. The funds will primarily come from internal resources. "The group has an investment company based in London, which could negotiate with private investors to come on board if necessary. Right now, we do not see the need for it. A second phase could be launched in December, but details on its were not forthcoming.
La Hoya Bay represents one of the biggest private sector led initiatives launched to date in Ras Al Khaimah, which has steadily seen its regional and international profile go up as a property investment destination. It bought the land six months ago.
"Ras Al Khaimah is the next Dubai for the property market - Sharjah and Ajman are not there yet and Umm Al Quwain still has a long way to go. It helps that the emirate has 30 kilometres of beachfront," Khoie says.
Before La Hoya Bay, it had built mid-rise buildings in Ajman and was also active in Emaar and Nakheel projects. On whether La Hoya Bay will take up all the group's interest for the immediate future, Khoie says: There are still a lot of opportunities for developers in Dubai, though we will not come in with another generic tower. It has to be quite selective.
[Article from Property Weekly on 11th October 2006]
Seven-star properties are still a rarity in the region, and such an announcement immediately raises the profile of the whole development. "The hotel will be closely integrated with the location on Marjan Island as it provides for a first-rate marina and all the requirements to create a signature setting," says Frank Khoie, Chairman and Chief Executive Officer.
"We have divided the La Hoya Bay project into five key phases and the one for the hotel will be bigger than the four others put together." For the moment, Khoie Properties is emphasising the residential element within the project, which is expected to take up seven years. The first phase, rolled out just recently, will involve 725 Mediterranean architecture-themed freehold units and cost $180 million.
Currie and Brown has been signed on to do the project management for this phase. "We are in the process of confirming the main contractor - three leading names are in the fray," adds Khoie. "While the market remains so unpredictable, we believe $180 million will be enough to see us through this phase. The funds will primarily come from internal resources. "The group has an investment company based in London, which could negotiate with private investors to come on board if necessary. Right now, we do not see the need for it. A second phase could be launched in December, but details on its were not forthcoming.
La Hoya Bay represents one of the biggest private sector led initiatives launched to date in Ras Al Khaimah, which has steadily seen its regional and international profile go up as a property investment destination. It bought the land six months ago.
"Ras Al Khaimah is the next Dubai for the property market - Sharjah and Ajman are not there yet and Umm Al Quwain still has a long way to go. It helps that the emirate has 30 kilometres of beachfront," Khoie says.
Before La Hoya Bay, it had built mid-rise buildings in Ajman and was also active in Emaar and Nakheel projects. On whether La Hoya Bay will take up all the group's interest for the immediate future, Khoie says: There are still a lot of opportunities for developers in Dubai, though we will not come in with another generic tower. It has to be quite selective.
[Article from Property Weekly on 11th October 2006]
Labels: New Hotels, Ras Al Khaima
UAE northern emirates lights are shining bright
Wednesday, July 05, 2006
Northern emirates are generating plenty of excitement in the real estate industry, and many residents are relocating away from Dubai.
But, in truth, the pace of construction activity in areas such as Ajman and Ras Al Khaimah is neither a challenge nor a threat to the maturing market of its neighbouring emirate. The ambitious developments taking shape around Dubai will be complementary to the overall profile of the UAE as a leisure, residential and business destination. Ajman’s current optimism is the result of combined forces. Expected clarification of leasehold ownership, comparatively cheaper rents, larger living spaces and the ever increasing population have all driven demand in the emirate.
Whether the Northern emirates represent a better investment than Dubai at the moment depends on the individual needs of the buyer. At present the leasing market is very strong, especially for commercial space, as large companies are moving supporting office divisions out of Dubai.
Needless to say, the lack of supply and increasing residential and commercial property prices in Dubai and Sharjah are pushing demand up for the other emirates such as Ajman and Ras Al Khaimah.
As far as legislation goes, Ajman does not have a freehold law as yet, but one is anticipated within the year to coincide with the main property law.
Ajman is an untapped market: land is cheaper and its easy access to the Emirates Road makes it a perfect alternative for those who cannot afford Dubai. Ras Al Khaimah also holds great potential, targeting a different marketplace and lifestyle in comparison to Dubai. We see more holiday getaways, resorts and investments from residents who want a second home away from the city.
With the entire country undergoing change and growth at the same time, it is difficult to say where the market is headed. But, we think this growth is positive as it will help ease the pressure (and traffic) off Dubai, helping other emirates prosper as well.
[Article from Emirates Today on October 5, 2006]
But, in truth, the pace of construction activity in areas such as Ajman and Ras Al Khaimah is neither a challenge nor a threat to the maturing market of its neighbouring emirate. The ambitious developments taking shape around Dubai will be complementary to the overall profile of the UAE as a leisure, residential and business destination. Ajman’s current optimism is the result of combined forces. Expected clarification of leasehold ownership, comparatively cheaper rents, larger living spaces and the ever increasing population have all driven demand in the emirate.
Whether the Northern emirates represent a better investment than Dubai at the moment depends on the individual needs of the buyer. At present the leasing market is very strong, especially for commercial space, as large companies are moving supporting office divisions out of Dubai.
Needless to say, the lack of supply and increasing residential and commercial property prices in Dubai and Sharjah are pushing demand up for the other emirates such as Ajman and Ras Al Khaimah.
As far as legislation goes, Ajman does not have a freehold law as yet, but one is anticipated within the year to coincide with the main property law.
Ajman is an untapped market: land is cheaper and its easy access to the Emirates Road makes it a perfect alternative for those who cannot afford Dubai. Ras Al Khaimah also holds great potential, targeting a different marketplace and lifestyle in comparison to Dubai. We see more holiday getaways, resorts and investments from residents who want a second home away from the city.
With the entire country undergoing change and growth at the same time, it is difficult to say where the market is headed. But, we think this growth is positive as it will help ease the pressure (and traffic) off Dubai, helping other emirates prosper as well.
[Article from Emirates Today on October 5, 2006]
Labels: Ras Al Khaima, Real Estate News
