Rakeen’s $272m residential project on track
Dubai, May 28, 2009
Rakeen, a leading regional property developer, has announced that the construction of its Dh1 billion ($272 million) Bab Al Bahr project is within schedule of the planned mid 2010 completion of the first residential units.
The company has reached two storeys in the construction of the Bab Al Bahr residential building project, which is the centrepiece development of the Al Marjan Island, the first man-made island in the emirate of Ras Al Khaimah.
Rakeen disclosed that ground floor and first floor slabs are likewise progressing well. Steel reinforcement works, and concrete pouring and casting have remained in full speed, with the amount of concrete being poured increasing by the week up to, at times, 2,000 cubic metres per day.
'On-site progress of the Bab Al Bahr project is ongoing as scheduled,” said Herbert Krause, director of development, Rakeen.
“Rakeen is working closely with all the consultants and the construction teams to ensure timely completion and handover as all of us are aware of the importance of this signature project of Al Marjan Island,' he added.
'Moreover, in these times of global economic challenges, the proper handling of this project will send out the right message to investors and the public and boost their confidence in the strength and resiliency of the Emirate and the strategic leadership of Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah,” Krause continued.
“We also warmly welcome investors and the public to contact our offices for further information or visit the site and personally witness the construction progress.”
Ghassan Youssef, managing director, Rakeen, said: 'The management is firmly focused on completing this unprecedented development as we have pledged to honour our commitment to our customers.”
“The successful completion of this project will not only benefit the investors, but on a bigger scale it will also contribute in sustaining the economic development and sustainability of Ras Al Khaimah,” he added.
“All parties involved in this project have performed remarkably well and we make sure that they have our full support. As a result of the excellent teamwork in the development of this project, Bab Al Bahr, on the peninsula of Al Marjan Island, has been recognised as one of the most sought-after developments in Ras Al Khaimah.'
Upon completion, Bab Al Bahr will comprise 136 studio apartments, 356 one-bedroom apartments, 236 two-bedroom apartments and 104 three-bedroom apartments.
Among the luxurious amenities being offered by the integrated development are 180-degree sea view, 560-metre private beach, gym facilities, underground car parking, themed swimming pool, ample children's play areas, and hotel and club privileges.
Bab Al Bahr is the inaugural development project on Al Marjan Island and serves as a gateway to the integrated island community. Leading regional and international developers have been awarded contracts for additional prestigious development projects on Al Marjan Island. – TradeArabia News Service