CTC to build Dh1bn Pacific project on Al Marjan
August 22, 2008 by UAERush · Leave a Comment
Select Group, a Dubai-based property developer, yesterday said it has awarded a contract to the Ras Al Khaimah-based Construction Technology Contracting (CTC) to construct its Pacific project on the man-made development of Al Marjan Island.
“Pacific, valued at a total of Dh1 billion, is a joint development of Select Group in partnership with the UK-based Select Property. It will comprise six contemporary, architecturally spectacular properties, each named after Pacific Islands,” the company said.
Rahail Eslam, CEO of Select Group, said:
“Pacific is an exclusive waterfront project, one of our first developments in Ras Al Khaimah. CTC is the right construction partner for the project which is due for completion in 2011.”
Together, the project will be spread across 25,300 square metres on the top isle of Al Marjan Island.
Designed by architects JRHP, Pacific will consist of studios, one- and two-bedroom apartments, duplexes, Pacific Suites and Gulf Suites.
Bab Al Bahr piling works on track, says Rakeen
August 21, 2008 by UAERush · Leave a Comment
Rakeen, the master-planner and land developer of the Ras Al Khaimah government, that exercises environmental responsibility when planning and developing, has announced that it has recently completed the piling works for half of the residential component of the Bab Al Bahr and is set to proceed with the construction of the residential units.
Rakeen emphasized that the unobstructed workflow has been a significant success after a critical shortage of building materials as well as sharp increase in prices have affected several construction projects across the region.
Rakeen also reported that main contractor Al Hamra Construction Company will start the piling work and construction of the second half of the residential area shortly as the Dhs1.2bn mixed-use resort development remains firmly ahead of schedule.
“Consistency is an important factor in the highly competitive real estate sector.Investors and property buyers want to be constantly reassured of the state of their investments and there is no better way to boost their confidence than to remain consistent and committed to the construction schedule. Rakeen takes pride in all its carefully master planned portfolios and thus we make it a point to exhaust all efforts to maintain the highest standards in the construction of our projects, particularly Bab Al Bahr, which serves as one of our centrepiece offerings,”
said Wahid Attalla, Member of the Board, Rakeen.
Following the successful sales campaign for the Bab Al Bahr Office Tower, the premier commercial centre of the Bab Al Bahr development, Rakeen is now staking steps to highlight the key features of the residential components of the integrated community development.
When completed, occupants of Bab Al Bahr will enjoy a wide range of facilities and amenities for their leisure, recreational and residential requirements.
It will also include comprehensive commercial facilities and a free zone area that is open to all domestic and international investors.
Bab Al Bahr is the inaugural development project on Al Marjan Island, Rakeen’s man-made coral shaped atoll that extends four kilometres into the Arabian Gulf.
The island-inspired, fully integrated development offers a stunning 360-degree view of the Arabian Gulf and provides extensive landscaping that includes exotic gardens and pristine beaches extending 500 metres long.
AME Info/Press release
Peace Tower unveiled
August 3, 2008 by UAERush · Leave a Comment
Ras Al Khaimah-based Peace Builders and Developers on Saturday announced here its maiden project - Peace Tower - in Ajman to be built at a cost of Dh60 million.
The freehold residential project will be built in Ajman’s Marmooka City, located 35 kilometres from the Dubai International Airport, Peace Builders’ managing director Nasir Mahmoud told a news conference. He said the company purchased 125,000 square feet of land for Dh10 million for the development.
“The introductory price, valid until August 31, is Dh475 per square foot. It’s lower than the prevailing market price in Ajman, which is about Dh500 per square foot,” Mahmoud said.
He said in all, there will be 154 apartments on the proposed 14 floors. In addition, there will be a five-level parking with facilities including a business centre, swimming pool, health club and library.
The buyer will have the option to buy studios, one- and two-bedroom apartments. The size of the apartments ranges from 552 square feet to 1,140 square feet of carpet area, Mahmoud said.
Peace Tower is scheduled for completion in November 2011, Mahmoud said. “The drawings for the project are likely to be approved by authorities by the end of August this year,” he said.
Rakeen announces sales launch of Bab Al Bahr Office Tower
July 31, 2008 by UAERush · Leave a Comment
Rakeen, the master-planner and land developer of the Ras Al Khaimah Government that exercises environmental responsibility when planning and developing, has announced the sales launch of the Bab Al Bahr Office Tower, one of the centrepiece projects within Ras Al Khaimah’s AED 1.2 billion mixed-use resort development Bab Al Bahr.
Bab Al Bahr Office Tower is the only office and commercial building that is located between the entrance of Ras Al Khaimah until downtown Ras Al Khaimah City. The Bab Al Bahr Office Tower, which has 108 offices for sale, is located in a free zone area and is open to all local and international investors.
Rakeen has recently stepped up its marketing and sales initiatives for the Bab Al Bahr Tower following the recent commencement of construction, which has since been progressing at a healthy pace. Construction work on the tower is now in the piling stages even as the rest of the components of the Bab Al Bahr development have likewise progressed on schedule.
“We expect the initial sales results for the Bab Al Bahr Office Tower to exceed our expectations, as the resort development has been conceptualised to provide world-class amenities that cater to the business, leisure, recreational and personal needs of our clients. It is a fully integrated community that will rival any development of its kind in the region,” said Wahid Attalla, Member of the Board, Rakeen.
Bab Al Bahr Office Tower will be a 20-floor office facility, which is integrated into a three-tiered, 19,000 square meter shopping complex. The shopping complex boasts luxury retail stores, coffee shops, a food court, a family entertainment centre and four screen cinemas. The 18,500 square meter office tower offers a full range of business and office amenities, stunning views of the Gulf and an underground parking for up to 400 cars. Moreover, the office facility provides free zone trade licenses and easy access to a fully integrated development complex, which includes residential apartments and a 320-room resort hotel.
Bab Al Bahr is the inaugural development project on Al Marjan Island: Rakeen’s man-made coral shaped atoll that extends four kilometres into the Arabian Gulf. The island-inspired, fully integrated community offers occupants and visitors stunning 360-degree sea views and extensive landscaping that includes exotic gardens and a 500-meter long stretch of beach.
Santorini on Marjan Island unveiled
Stallion Properties on Sunday launched the Dh1.2 billion Greek-style development on Marjan island in Ras Al Khaimah, in line with plans to raise its total portfolio in the UAE to around Dh4.5 billion.
The Santorini development will comprise 560 units covering an area of just over 463,000 square feet. The units will consist of Aphrodite townhouses, Zeus villas, Apollo condos and Artemis luxury condos.
Construction will begin in October this year and is expected to be complete in 2011.
Marketing alliance
Stallion Properties has tied up with Aspire Real Estate to assist with sales and marketing of the Santorini project.
Speaking at the launch, Harry Kantaria, chairman of Aspire Real Estate, said: “The Santorini project fits perfectly into the Marjan island development and is a fine example of the creative foresight of the Ras Al Khaimah market.” Naresh Mehta, CEO of Stallion Properties, said the infrastructure on Marjan Island is “going very well”.
The units of Santorini are being sold in packages of seven, as the main aim is for investors to make money from resales. The cheapest package is available for just over Dh10 million.
Marjan Island is a Dh6.6 billion project and one of the major developments underway in Ras Al Khaimah.
The mega-project is a mini archipelago, as it is made up of five man-made islands which spread across 2.7 million square metres.
On completion, Marjan Island is destined to stretch over two kilometers into the Gulf.
Mehta also said Stallion Properties has plans to launch two towers in Palm Jebel Ali at a cost of around Dh3 billion, increasing the company’s portfolio to around Dh4.5 billion.
The proposed name of the Palm Jebel Ali project is La Passion at the moment, as Mehta wants the towers to be “all penthouses”. “I want to change the skyline of the UAE,” Mehta said.
Projects worth Dh300bn under way to attract tourists
July 14, 2008 by UAERush · Leave a Comment
The Northern Emirates’ hospitality industry is undergoing a major boom with projects worth more than Dh300 billion due to be completed by 2011.
The number of tourists visiting Sharjah, Fujairah, Ras Al Khaimah and Umm Al Quwain is increasing rapidly and is expected to reach more than five million a year.
“Ras Al Khaimah is emerging fast as a major tourist destination,” said Hilary McCormack, Manager of RAK Tourism. “The emirate’s government and its partners in the private sector have acted swiftly in response to the growing number of tourists, commissioning several new developments to enhance the emirate’s tourism infrastructure and expand the amenities and facilities for both leisure and business travellers.”
Visitor numbers in Ras Al Khaimah are expected to increase by 400 per cent by 2012 from last year’s total of 500,000. Hotel occupancy rates have reached 93 per cent.
The emirate has invested heavily in leisure, business and eco-tourism and its airport is undergoing an upgrade that will enable it to handle 1.2 million passengers by 2009. Read more
Work started on Gateway City
Ras Al Khaimah has started work on a multi-billion dollar new city, which will house 200,000 people and have its own mass rapid transport system, according to the daily Emirates Business 24/7.
Rakeen, the real estate development arm of the Ras Al Khaimah Government, has commenced work on the project called Gateway City, which is being developed on the Emirates Road, a person close to the project said.
International consultants are currently working on the master plan, which is estimated to be completed in another six weeks time. An official announcement will be made tomorrow.
According to the initial master plan, the entrance of Gateway City will have a RAK Convention and Exhibition Centre, behind which there will be 10 high-rise towers and residential dwellings including townhouses and villas. Read more
