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Rak Properties' $24m Gateway Residences tops out

Developer says Gateway Residences will be delivered in Q3 2019

Gateway Residences in Ras Al Khaimah will be handed over in Q3 2019.
Gateway Residences in Ras Al Khaimah will be handed over in Q3 2019.

Real estate developer Rak Properties has topped out the main structure of its eight-storey Gateway Residences development on Al Raha Island.

The company's recently appointed chief executive officer, Samuel Dean Sidiqi, attended the topping out ceremony, held on 8 December, and said he was pleased with the steady pace of construction progress.

Internal fit-out and finishing work will now pick up speed for the 144-unit luxury development, worth $24m (AED88m) located within the mixed-use Mina Al Arab waterfront community in one of the UAE's northern emirates, Ras Al Khaimah. 

READ: New CEO of UAE's RAK Properties lauds Hayat Island 'progress'

Gateway Residences' high-end flats have between one and two bedrooms. Rak Properties said half of the 144 units have already been sold.

With the construction of the main structure completed, the developer said it hoped to hand over the property in the third quarter of 2019.

READ: Assets rise $32m at UAE's RAK Properties in H1 2018

Alongside construction progress, Rak Properties has seen a mid-management shake-up in the last 12 months as the developer strengthens its top brass. In addition to the appointment of Sidiqi, the company hired former Dubai Properties man Giles Hannah as its group chief commercial officer earlier this year. 

Hannah joined Rak Properties in July 2018, assuming full responsibility for driving up commercial revenue at the firm.

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Construction Week - Issue 738
Apr 21, 2019