Al Hamra 'confident' on Falcon Island sales

LEED Platinum RAK Island to contain 11 villas each offered for $6.4mn

NEWS, Projects

Directors of Al Hamra Real Estate have expressed their confidence of being able to sell the mansions and luxury villas at the $164mn (AED600mn) Falcon Island project.

The 650,000m2 island is set to contain 150 villas in a private, gated island community ranging in price from $1.4mn (AED5.28mn) for the smallest property up to $6.4mn (AED23.5mn) for one of its mansions. These are a 10% discount on the list prices, the firm said.

Al Hamra Real Estate’s general manager, Benoy Kurien, said: “Our launch is purely driven by the demand that is available.”

He argued that the biggest of the 1,089 villas and 2,444 apartments it has built to date on the adjacent 7.2mn m2 Al Hamra Village were constructed for a cost of around AED2.5mn ($680,000) but are currently changing hands for AED7.5mn ($2.04mn).

“The prices of those villas were AED5mn ($1.36mn) eight months ago. There is a move towards expensive villas,” he said.

He acknowledged that demand for the type of luxury homes it is seeking to build would be limited, but felt that the numbers it is looking to sell were not ‘huge’.

“If we were launching 750 or 1,000 that would be difficult. We don’t feel there would be any problems selling 150 in that category - simply because we know the kind of demand that is there for the product in Ras Al Khaimah.

Kurien added that he felt the project offered value when compared to Dubai.

“It is 30-40% cheaper for the same quality and same dimensions in a similar development.”

The island, which has been designed to LEED platinum standards, will contain passive and solar cooling measures on site. It is in the final stages of its infrastructure design, with tenders for marine works likely by the end of the month and tenders for construction of the buildings due by the end of July.

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