Work at Al Hamra Village in RAK gets up head of steam
Phase one of Ras Al Khaimah’s prestige Dhs1.2 billion project to be ready next year
The first phase of construction for the expansion of the Dhs1.2 billion Al Hamra Village development in Ras Al Khaimah has begun. It will be completed by the middle of next year, according to officials associated with the project. They said that more than three quarters of the first phase has already been sold out.
Investors are being offered villas, duplexes, town house and apartments from a selection of more than 1300 freehold units. Construction Week was the first to report the sale to foreigners of freehold property in Ras Al Khaimah (Issue 16 of 20th to 26th March 2005). The properties on offer are freehold and will be registered directly with Ras Al Khaimah Land Department. The buyer will get visa rights for the family.
“Ras Al Khaimah, with 64 kilometres of virtually untouched coastline, is arguably one of the most scenic emirates in the UAE,” says Dr. Khater Massaad, CEO of Al Hamra Property Development Company. “Al Hamra Village is ideal for those looking to invest in an exclusive seaside resort property set in an elegantly landscaped environment with luxury homes, a lush green golf course and a purpose built marina for water sports and fishing trips,” he points out.
In the first phase 112 town houses are being built along with 84 attached villas. Eight ground-plus-four buildings around the golf course will be partially ready by the end of 2005, said Frederic Piras, general manager of Al Hamra Village.
The project is being developed by group firm of Al Hamra Real Estate Development, which is also the project contractor. Dar Consultants is the project consultant. Piras said the second phase will involve the construction of villas B & C and four ground-plus-five Marina buildings. The third phase will see the completion of the remaining town houses of phase II and villas B & C. This phase should finish by end of 2006.
The golf course will see nine holes being made ready in the first phase and the remaining nine holes by the end of 2006. Peter Harradine designed the course. “The total project is between 4-5 km2 of which we are keeping 2 km2 for landscaping and as a green belt,” Piras said while referring to the effort to enhance the natural beauty of the location.
Better Homes, which is marketing the property, said advance bookings are exceeding all expectations. HSBC will provide mortgage of up to 60% of the list price to individuals. Other institutions are also showing interest, said Ryan Mahoney, Better Homes general manager