$299m RAK project launched
Ras Al Khaimah, June 9, 2008
Property management and consultancy company e-myproperty has launched its first project in Ras Al Khaimah. The Dh1.1 billion ($299.5 million) island property, Bab Al Badr, will be located on the offshore man-made development of Al Marjan Islands.
The development will add significant value to the Dh6.6 billion Al Marjan Islands which is spread over 29 million sq ft on the south west of the emirate, said senior officials of e-myproperty .
Commenting on the growth potential and investment appeal of Bab Al Badr, Yousuf Maqbul Hussain Hamar, founder and chairman of e-myproperty said: “The launch of the project comes at a time when Ras Al Khaimah is in international limelight for the hectic and dynamic pace of development that is taking place in the emirate.'
He said even before the official launch of the project, Bab Al Badr, or `Gateway to the Moon,’ has attracted a spate of investment inquiries and a large share of the project has already been booked at the pre-launch stage itself.
The construction of the project will start in August 2008 and is targeted to be completed by 2011.
Conceived as a first-of-its-kind project with all-round architectural excellence blending tradition with modern amenities, the components of Bab Al Badr will comprise an eclectic mix of high-end luxury residential units, serviced apartments and a vibrant retail zone, together creating a unique community lifestyle ambience.
“Bad Al Badr will offer the whole gamut of modern day facilities under one canopy. The project will be opulent, state-of-the-art, with a sense of space around flanked by the waters of the Arabian Gulf. The overwhelming response at this early stage to the project has also prompted us to look at the possibility of replicating the concept in other emirates of the UAE,” said Hamar.
The facilities Bab Al Badr will have include three levels of basement parking, podium parking, private gardens, restaurants and coffee shops, professional property management services, gymnasium, sauna etc.
Investors will be able to buy studios, 1, 2, 3 bed room units, duplexes and town houses in the project. - TradeArabia News Service