Ras al-Khaimah’s largest real estate developer Al Hamra Real Estate Development will return to Cityscape Global in Dubai on 8-10 September 2015, following a strong Q2 2015 performance for the emirate’s real estate sector, witnessing consistent sales demand for its high profile projects and robust occupancy and rental rates for its quality competitively-priced villas and townhouses.
According to the Asteco Northern Emirates Q2 2015 real estate report, Ras Al Khaimah (RAK) was the Northern Emirates’ ‘success story’, with established communities such as Al Hamra Village by Al Hamra Real Estate Development continuing to attract strong investor and tenant interest.
Asteco research found that on average, two-bedroom homes in RAK were being rented for between AED 50,000 and AED 65,000 while three-bedroom residences, were being leased for between AED 85,000 to AED 130,000. A three-bedroom villa with golf course views also sold for an extremely competitive AED 500 to AED 700 per square foot.
The developers’ most recent high-profile launch, Falcon Island, is the first product of its kind in RAK, with prices ranging from AED 1,100 to AED 1,500 per square foot. Highlighting its exceptional value-for-money, to experience a similar waterfront lifestyle on the Palm Jumeirah, would cost from AED 1,600 to AED 3,500 per square foot, according to the latest Asteco research.
“The take-up of existing stock at Al Hamra Village has been excellent with occupancy levels at almost 100%. We are marketing three-bedroom villas for under AED 2 million, which underscores our exceptional value-for-money and the sustainable rental rate increases we have achieved also maintains our competitive edge,” said Benoy Kurien, General Manager, Al Hamra Real Estate Development.
The multi-million dollar luxury Falcon Island development, which launched in 2014 and is due to be handed over in December 2017, is an AED 1 billion, 2.2 million-square-foot island community located within the natural lagoon that forms part of the Al Hamra Village complex.
The ultra-exclusive freehold community comprises a collection of just 150 luxurious five to eight-bedroom Canal, Beach and Park residences, complemented by private beach access, landscaped green spaces, stunning waterfront views and a signature central canal, giving the development a ‘Venice in the Middle East’ feel.
“Phase one of Falcon Island has sold out and we are now launching phase two at Cityscape which will include the exclusive beach and canal villas priced competitively from AED 5.7 million,” added Kurien.
Smart home technology will be a central feature with interior design including high-end furnishings from the UAE’s first-ever Bentley Home Collection and bespoke Italian luxury brands such as Fendi Casa, Kenzo Maison and Alberto Vignatelli’s Heritage Collection.
“Falcon Island will bring a new level of luxury real estate to the emirate and customisation is at the heart of this exclusive community with investors able to create their own tailor-made property using our homebuilder app which allows them to select the number of rooms, secondary finishes, landscaping, pools and more.” said Kurien.
“Added to this is our mandate to put sustainability at the heart of our business strategy, Falcon Island will be LEED Platinum rated, which, for our residents will not only translate into a significantly lower carbon footprint, they will make savings on their utility bills, with homes, street lighting, water desalination and cooling benefiting from solar energy,” he added.
The second development under the spotlight at Cityscape Global will be the freehold Bayti development, a sustainable community of 162 townhouses located within the existing Al Hamra Village.
Set to be handed over in November this year, the spacious three and four-bedroom townhouses are priced from AED 1.89 million and are set amidst three parks, with the championship golf course, 1.5 kilometre private beach and a 200-berth marina a short stroll away.