Phase 2 of Ras Al Khaimah’s Bayti Homes “under design”
Phase 2 of the Bayti Homes development in RAK’s Al Hamra Village is likely to comprise 135 to 140 two-bedroom townhouses, with prices below the $272,000 mark
Al Hamra Group (AHG) has revealed that Phase 2 of its Bayti Homes development is currently “under design”.
Although still in its preliminary stages, the project is likely to comprise 135 to 140 two-bedroom townhouses, according to the Ras Al Khaimah-based real estate conglomerate.
Located in the Al Hamra Village master-planned community, Bayti Homes’ Phase 2 unit sizes are expected to range from 93m2 (1,000ft2) to 121m2 (1,300ft2), with prices below the $272,000 (AED1m) mark.
AHG said that the properties would be designed to meet the requirements of millennial customers, especially those with families.
Benoy Kurien, general manager of AHG, said: “At the end of 2016, we conducted a comprehensive programme of market research. We found a significant group of prospective customers – primarily millennials with families – who want to own their own homes.
“The properties don’t have to be big; we’re talking about units that cost less than $272,000 (AED1m),” he told Construction Week.
The news follows the success of Bayti Homes Phase 1, a project devised by AHG as an alternative to its Falcon Island development.
“We launched Falcon Island in 2013,” said Kurien. “At that time, the market was moving towards high-end, luxury properties. The project had been designed, and we’d already broken ground when there was a shift in the market towards lower-end, value-driven properties.
“Consequently, we had to put our plans for Falcon Island in abeyance, and come up with another product that suited the market. That’s when we launched Bayti Homes, which have since proved extremely popular. And if the market shifts back towards high-end, luxury properties tomorrow, [Falcon Island] is ready. We can break ground immediately,” he added.
To read our full interview with Kurien, including details of AHG’s ongoing projects and strategy for the future, check out issue 665 of Construction Week, which will be published on 2 September, 2017.