RAK Properties unveils its first project 'Julfar Towers' at a total cost of AED 400 million

The project is a residential and commercial development comprising of two towers, built in the centre of Ras Al Khaimah.

Towards the end of last year, His Highness Sheikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, issued a freehold decree allowing foreigners and expatriates to enjoy full ownership of properties developed by RAK Properties in RAK emirate, which includes Julfar Towers.
Furthermore, investors in the Julfar business tower will enjoy the benefits of mainly 100% foreign ownership.

Mohammed Sultan Al Qadi, Managing Director, RAK Properties, commented: "We would like to express our deep gratitude towards HH Sheikh Saud Bin Saqr Al Qasimi for his vision and guidance, without which we wouldn't be able to develop such projects. RAK Properties is pleased to unveil the Julfar Towers, which is one of RAK Properties' premier projects. We at RAK Properties aspire to build and establish our status as a sound and leading real estate developer in the country and the region."

The Julfar Towers consists of two 40 storey towers, one residential which has 349 apartments and one office tower which has 468 offices built over three level podium which provides retail, food outlets and central facilities .

The Residential tower provides flats varying from studios up to four-bedroom deluxe apartments, and will also include a very limited number of exclusive duplexes. The Office tower features state-of-the-art units in various sizes.

In addition, residents of both towers will benefit from an advanced business centre and a parking area that can cater for approximately 1,500 cars. A Fitness Centre and kinder garden will also be established.

The project has a prime Ras Al Khaimah city centre location overlooking the creek, mangroves and the mountains surrounding Ras Al Khaimah gives both towers' residents breath-taking views. The development is also a few minutes away from the Manar mall, Hilton hotel, beaches and the golf club.

The main competitive advantages that Julfar Towers will have are the free hold law and the payment scheme. Investors will follow a payment scheme based on construction, whereby they would pay divided amounts of the total cost of their flat or office according to the structural development of the Towers.

The payment scheme includes paying 15% upon booking, 10% upon signing the contract, 15% on completion of structural work till 20th floor, 15% on completion of structural work till 43rd floor, and the remaining 45% to be paid upon completion of the towers.

This scheme has been developed to ease payments for investors, and enable the investors to maximum finance through selected financial institutions.

Al Qadi concluded:

"RAK Properties is committed to developing quality products to cater to the local market's demand for real estate. Julfar Towers will be the foundation for more real estate development projects to come in the near future."

The project construction has started and is expected to complete by the first quarter of 2008.