Al Hamra, a UAE-based real estate development company, returned to this year’s Cityscape Global, which took place in Dubai on September 8 to 10, 2015, with the second phase of the Falcon Island development located in Ras Al Khaimah.
The AED1 billion residential project, a 2.2-million-square-foot island community located within the natural lagoon that forms part of the Al Hamra Village complex, is the first of its kind to be introduced to Ras Al Khaimah.
“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,” says Benoy Kurien, General Manager, Al Hamra Real Estate Development.
Many companies, including Al Hamra, have witnessed stability in the emirate’s real estate market during Q2 2015, with consistency in sale demands for new residential projects, such as Ras Al Khaimah’s Falcon Island.
“Phase one of Falcon Island has sold out and we are now launching phase two at Cityscape. will include the exclusive beach and canal villas priced competitively from AED5.7m,” Kurien adds.
Based on a Q2 2015 real estate report by Asteco, two-bedroom homes in Ras Al Khaimah were generally being rented for between AED50,000 and AED65,000, while three-bedroom residences went for AED85,000 to AED130,000.
Falcon Island is Al Hamra’s most recent and high-profile launch, with prices ranging from AED1,100 to AED1,500 per square foot. Launched in 2014, the project is due for completion by December 2017.
“The take-up of existing stock at Al Hamra Village has been excellent, with occupancy levels at almost 100 per cent. We are marketing three-bedroom villas for under AED2m, which underscores our exceptional value-for-money and the sustainable rental rate increases we have achieved also maintains our competitive edge,” Kurien says.
Al Hamra’s business strategy for Falcon Island is a lowered carbon footprint for the residents, which will allow them to save money on their utility bills with homes, street lighting, water desalination and cooling benefiting from solar energy.
Source: VisitRasAlKhaimah official Youtube page
Phase two of Falcon Island is not the only exciting project to be launched during this year’s Cityscape Global. The freehold Bayti development – a sustainable community of 162 townhouses located within the existing Al Hamra Village – will also be launched, scheduled to be handed over by November 2015.