Ras Al Khaimah’s Al Hamra launches Dh1b Falcon Island, with the most expensive homes at Dh15m+
“What we’ve seen is that with the entry of Wynn Resorts and others, there’s a lot of investment, both in and out of the country. The new areas to develop will have extensive beachfronts – this next 10-15 years will be about Ras Al Khaimah.(The emirate also launched a new entity in January to oversee all resorts in the emirate.)
For his next project, Al Hamra does not wait so long. It has launched a billion dirham “Falcon Island” project in the center of Al Hamra. Featuring two islands separated by a canal, it will include townhouses and villas, with a base price set at Dh1 million for a two-bedroom townhouse and Dh15 million more for a seven-bedroom house. bedrooms. Units on the first island, totaling 250 homes, are launching today, and presales have already brought in quite a few sales.
Construction on both islands is expected to start simultaneously by June/July and the first phases will be ready in 24-28 months. (Property buyers can apply for a 12-year visa and business license with the homes if they need it.)
Al Hamra already has more than 7,000 residents in its 4,000 residential units. There are five hotels and a golf course plus a marina. Al Hamra Mall, one of the first projects on the site, recently made headlines for being acquired by Abu Dhabi master developer Aldar Properties for 400 million dirhams.
“We had not put the Al Hamra shopping center up for sale which, since 2008, had generated good returns for us,” said the CEO. “After 13 years it was ready for the next phase of expansion, which happened when the offer from Aldar arrived. They were looking for existing, income-generating properties and Al Hamra Mall was what they wanted.
One of the best tests for a developer is whether it is able to attract foreign investment. For us, that meant a stamp of approval from one of the biggest developers around.
– Benoy Kurien, CEO of Al Hamra Group
The deal – which was Aldar’s first move to the UAE outside of Abu Dhabi – netted Al Hamra MAD 400 million, putting it perfectly in place for the Falcon Island business. As to whether Al Hamra will consider selling other constructed assets – the marina or the Troon-run gold course – Kurien said all offers would be considered.
Last year, Al Hamra launched a promotion offering 12-year visas and a business license for property investors. It was part of a broader move to spark renewed interest in investments at a time when the real estate market was gradually recovering from the disruptions created by COVID-19.
“In this offer, we included it in the price of our offer on the houses sold at the time,” Kurien said. “At Falcon Island, these features are not included – however, investors can still access them by paying extra.”
There is also another “island” project that has yet to be built in Al Hamra, according to the CEO. “Falcon Island is what we will focus on in terms of the project. Al Hamra village is about 85% developed, so we will need more land shortly for a new chapter.
Heading further south will be part of this movement.
