Falcon Island project in RAK launched

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Falcon IslandAl Hamra Real Estate Development has launched the Dh1 billion ($275 million) Falcon Island project in Ras Al Khaimah to capitalise on growing tourism and a recent raft of investor interest in the emirate, Khaleej Times reported.

The master-planned development will hold appeal for both business and leisure investors as it offers 150 luxury villas and waterfront mansions – comprising of five to eight bedrooms – with private beaches, canals and parks. The construction on the mega development will start in June 2014 and the complete project will be delivered by December 2016.

The introductory prices – with discount – for villas and mansions will start from Dh5.2 million during the launch period while the regular entry price for a five-bedroom villa will begin from Dh5.7 million.

“We are confident of selling the project very quickly amid considering growing interest from investors in Ras Al Khaimah real estate sector. We are expecting strong feedback from UAE, GCC, European and CIS investors in the development,” Benoy Kurien, general manager of Al Hamra Real Estate Development, told Khaleej Times at the launch event late on Friday.

Falcon Island is the next phase of Al Hamra Village, which covers an area of 7.1 million square feet and includes 1.5 kilometers of beaches, 1,089 villas and townhouses, 2,444 residential apartments, five resort hotels, an 18-hole golf course, a marina and a shopping mall – all within a fully-integrated community.

Kurien said sustainability is at the forefront of Falcon Island as the development will strive to attain the ultimate platinum level – the highest possible “leadership in energy and environmental design” rating. “All the electricity for homes, street lighting, water desalination and cooling will be generated onsite by solar power.”

He said work is in under progress on the island so a onsite model villa is expected to take another six to eight months, while the tender process will start by the first week of April. “The construction cost of 150 villas will be around Dh600 million while the rest would be spent in building infrastructure, site development and land cost, etc.”

To avoid flipping and check speculation, he said the group has introduced strict measures including allocation of maximum two units to an investors, 70 per cent payment clearance before selling the unit to another buyer, among others.

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Reading Time: 2 minutes

Al Hamra Real Estate Development has launched the Dh1 billion ($275 million) Falcon Island project in Ras Al Khaimah to capitalise on growing tourism and a recent raft of investor interest in the emirate, Khaleej Times reported.

Reading Time: 2 minutes

Falcon IslandAl Hamra Real Estate Development has launched the Dh1 billion ($275 million) Falcon Island project in Ras Al Khaimah to capitalise on growing tourism and a recent raft of investor interest in the emirate, Khaleej Times reported.

The master-planned development will hold appeal for both business and leisure investors as it offers 150 luxury villas and waterfront mansions – comprising of five to eight bedrooms – with private beaches, canals and parks. The construction on the mega development will start in June 2014 and the complete project will be delivered by December 2016.

The introductory prices – with discount – for villas and mansions will start from Dh5.2 million during the launch period while the regular entry price for a five-bedroom villa will begin from Dh5.7 million.

“We are confident of selling the project very quickly amid considering growing interest from investors in Ras Al Khaimah real estate sector. We are expecting strong feedback from UAE, GCC, European and CIS investors in the development,” Benoy Kurien, general manager of Al Hamra Real Estate Development, told Khaleej Times at the launch event late on Friday.

Falcon Island is the next phase of Al Hamra Village, which covers an area of 7.1 million square feet and includes 1.5 kilometers of beaches, 1,089 villas and townhouses, 2,444 residential apartments, five resort hotels, an 18-hole golf course, a marina and a shopping mall – all within a fully-integrated community.

Kurien said sustainability is at the forefront of Falcon Island as the development will strive to attain the ultimate platinum level – the highest possible “leadership in energy and environmental design” rating. “All the electricity for homes, street lighting, water desalination and cooling will be generated onsite by solar power.”

He said work is in under progress on the island so a onsite model villa is expected to take another six to eight months, while the tender process will start by the first week of April. “The construction cost of 150 villas will be around Dh600 million while the rest would be spent in building infrastructure, site development and land cost, etc.”

To avoid flipping and check speculation, he said the group has introduced strict measures including allocation of maximum two units to an investors, 70 per cent payment clearance before selling the unit to another buyer, among others.

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