Select awards Pacific contract to CTC
Dubai, August 21, 2008
Dubai-based Select Group has awarded the construction contract of its Pacific project on the Al Marjan Island to the Ras Al Khaimah-based Construction Technology Contracting (CTC).
Pacific, valued at a total of Dh1 billion ($272 million), is a joint development of Select Group in partnership with the UK-based Select Property. It will comprise six contemporary, architecturally spectacular properties, each named after Pacific islands.
“Pacific is an exclusive waterfront project, one of our first developments in the Northern Emirates of Ras Al Khaimah in partnership with the UK-based Select Property. The contract has been awarded to CTC after careful evaluation of their capabilities and we are convinced that they are the right construction partner for the project which is due for completion in 2011,” said Rahail Aslam, CEO of Select Group.
“Pacific has been conceived in the backdrop of increasing investment interest in the realty sector of Ras Al Khaimah promising attractive return on investment. Our projection for Pacific is to deliver 20 per cent capital appreciation per annum and rental yields of 10 per cent,” he said, adding that Al Marjan Island is similar to Palm Jumeirah in Dubai, which has rewarded its investors with returns in the range of 400 to 500 per cent since the launch in 2002.
Together, the project will be spread across 25,300 sq m on the top isle of Al Marjan Island offering panoramic views of the Gulf and the natural surroundings of Ras Al Khaimah.
Designed by award-winning architects JRHP, Pacific will consist of studios, one and two bed room apartments, duplexes, Pacific Suites and Gulf Suites. The price of units will start from Dh582,230 for a studio, Dh777,398 for one-bed room apartments, Dh946,904 for two-bed Pacific Suites and Dh1,214,369 for two-bed Gulf Suites. All properties benefit from a private beach and five-star amenities, including rooftop infinity pools, health club, spa, 24-hour security, maid and concierge service.
Select Group and Select Property offer investors the security of a self-imposed Escrow regime with a 15-year payment plan. This unique payment plan ensures easy instalments for all investor categories.
“Right from the official announcement investor enthusiasm for Pacific has been tremendous and with the appointment of CTC, construction is all set to start targeting handover on time,” Aslam said.
CTC, established in 2005, is one of the leading contractors in Ras Al Khaimah with expertise in both design and construction. “We have been able to gain an excellent reputation in finishing the projects assigned to us to the highest standard and within the development schedule of the project. We look at Pacific as a significant addition to our portfolio,” Waddah Bassmaji, CEO, CTC said. – TradeArabia News Service