Island villa

Al Hamra unveils $272 million Falcon Island villa project

Ras Al Khaimah developer Al Hamra has unveiled a 1 billion dirham ($272 million) residential project as it builds on a broader recovery in the UAE property market.

The new project, named Falcon Island, will be built in the village of Al Hamra, a residential community that contains a shopping mall, yacht club and hotels, the company said on Wednesday.

“This mega-development will further underscore Al Hamra and Ras Al Khaimah’s credentials as a multicultural, safe and progressive destination for its residents, investors and visitors,” said group chief executive Benoy Kurien.

Construction is expected to start in the second quarter of this year and will be completed in 24 to 28 months, Kurien said. The National in an interview.

The project will have 501 villas ranging from two to seven bedroom units, with prices starting at 1.2 million Dh.

The launch of the new project comes as the UAE real estate market continues to recover from the coronavirus-induced downturn. The market was boosted by new government initiatives such as residency for remote workers and retirees, as well as the expansion of the 10-year golden visa program.

Measures taken by the UAE to stem the spread of the pandemic, such as widespread testing and an effective vaccination program, have also helped the property market recover.

Al Hamra seeks to tap into the post-Covid lifestyle trend where people seek to live less stressful lives in a relaxed atmosphere, Mr Kurien said.

“Many employers offer flexible working hours so people don’t need to go to the office as much as they needed before Covid, and the infrastructure connecting the emirates is very good,” a- he declared.

“So we are looking for small families who want to move from the hustle and bustle of city life to a more tranquil and relaxed atmosphere in Ras Al Khaimah, and young families who want to buy a house at an affordable price while having an exclusive life islander [experience].”

In addition to focusing on buyers from the United Arab Emirates, the company is also seeking investors from India, the Commonwealth of Independent States, Africa and the GCC.

“We have already done a pre-launch [sale of the Falcon Island project] exclusively to our brokerage partners and have been successful in selling everything we have launched,” Mr. Kurien said.

Buyers included residents living in the United Arab Emirates, as well as people from Europe and India.

The new project is part of the company’s five-year strategy unveiled earlier this month, which will result in an investment of 1 billion dirhams between 2023 and 2027 to strengthen its presence in the market.

“Some of this will be deployed in building new assets, some will be deployed in renovating and upgrading existing assets and some will be deployed in optimizing some of the services we offer,” said Mr. Kurien.

Al Hamra will also announce a new apartment project in the coming weeks, he said. Last month, the developer sold its Al Hamra shopping center in Ras Al Khaimah to Aldar Properties of Abu Dhabi in a deal worth 410 million dirhams.

“Aldar has big plans for the mall, for its development, renovation and growth, and it fits well into the overall narrative of Ras Al Khaimah…we are proud to have been able to attract investment from a developer like Aldar.”

The company also plans to work with other developers or investment companies to jointly develop “greenfield and brownfield developments in the future”, he said, without revealing further details.

On the outlook for the UAE real estate sector, Kurien remains confident that the country will continue to attract investment thanks to new government initiatives.

“The United Arab Emirates has always been an attractive destination for investors due to the security [and] Security. Now with changing residency laws especially with golden visas…this is all a game changer for the UAE and I am very optimistic about inbound property investment in the UAE – at least for the next five to 10 years.

“Ras Al Khaimah will also benefit and the increase in population will have a ripple effect on shopping malls and hotels,” he said.

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Updated: March 16, 2022, 12:30 p.m.