Al Hamra launches new $164mn RAK island project
Tender for building of LEED Platinum-designed island expected by July
Al Hamra Real Estate has announced the launch of a new 650,000m2 (7mn ft2) island development known as Falcon Island in Ras Al Khaimah.
The island will have a gated community of 150 villas, including 11 mansions which will each have a built-up area of around 1,700m2 and eight bedrooms, plus a maid's room. The mansions have a launch price of $6.4mn (AED23.5mn) each. The launch price for the smallest villas on the island will be around $1.4mn (AED5.27mn).
The estimated construction cost of the island will be around $163.6mn (AED600mn).
“It will be a gated, private island community surrounded by natural lagoons,” Al Hamra Real Estate’s head of marketing & development. Barry Ebrahimy said.
“It will also have some of the most cutting edge sustainability factors, making it a very important development in the UAE.”
Falcon Island will be built to a LEED Platinum-rated sustainability design, with a new solar cooling technology from Europe currently being studied as a potential source of district cooling. A canal will run through the centre of the island, with water features and parks also being introduced to provide elements of natural cooling.
The project is currently still in the infrastructure design stage, but the design of marine works should complete by the end of the month when tenders will be issued, with a view to that starting in June, according to Al Hamra Real Estate’s general manager, Benoy Kurien.
Tenders for the main building works are expected by July, and Falcon Island is set to complete by December 2016.
The masterplan for the island was developed by Shankland Cox, with architects A++ and engineers Halcrow also working on the project. Interiors will be installed by Italian firm Luxury Living, with finishes provided either by Fendi Casa, Kenzo Maison or the new interiors range developed by luxury car manufacturer Bentley.
Al Hamra Real Estate is a company that was set up under the guidance of Ras Al Khaimah’s ruler, HH Sheikh Saud bin Saqr Al Qasimi to develop property in the emirate. It is part of the Al Hamra Group group chaired by the Emirate's Crown Prince, HH Crown Prince Sheikh Mohammed Bin Saud Bin Saqr Al Qasimi.
The group has interests in construction and hospitalty businesses, has assets worth over $700mn and employs around 3,000 people.