$300mn lunar foray lifts off

New property management and consultancy company, e-myproperty, has launched its first project - the US $300 million (AED1.1 billion) Bab Al Badr development, on the reclaimed Al Marjan Islands in Ras Al Khaimah (RAK).

New property management and consultancy company, e-myproperty, has launched its first project - the US $300 million (AED1.1 billion) Bab Al Badr development, on the reclaimed Al Marjan Islands in Ras Al Khaimah (RAK).

The $1.8 billion Al Marjan Islands spans 2.7 million m2 on the south west of the emirate.

Construction of the project will start in August and is expected to be completed by 2011.

Bab Al Badr, which translated into English means 'Gateway to the Moon', will comprise 12-storey elliptical twin towers linked by a sky bridge to an 8-storey building and will include a mix of high-end luxury residential units, serviced apartments and a retail zone.

Some facilities that the development will include are three levels of basement parking, podium parking, private gardens, restaurants and coffee shops.

The development will also include studio flats, one, two and three bedroom units, duplexes and town houses.

Yousuf Maqbul Hussain Hamar, founder and chairman of e-myproperty said: "Bab Al Badr will offer the whole gamut of modern day facilities under one canopy.

The overwhelming response at this early stage to the project has prompted us to look at the possibility of replicating the concept in other emirates of the UAE.

RAK has recently seen unprecedented growth. In 2007, the number of companies registered with Ras Al Khaimah Investment Authority grew by 150%. Tourist arrivals in 2007 rose by 40% and the hospitality segment was on the boom trail with hotel occupancy of 93%.

The emirate's GDP grew by an estimated 18% last year.

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