RAK Properties (PJSC), the most renowned property developer in the Emirate of Ras Al Khaimah listed in Abu Dhabi Stock Exchange (ADX) has recently awarded contracts to construct 20 buildings in the flagship project the Mina Al Arab.
The 20 residential buildings comprises of studios, one, two and three bedroom apartments. Some of these buildings have retails shops facing beautiful waterfront or the greens. There will be 808 residential units with a total built up area of approximately 151,000 sqm.
These buildings will be constructed in Precinct 2 also referred as the Lagoon area, which is one of the prime locations in the centre of the Mina Al Arab project. These buildings are strategically positioned to face the lagoon and the harbor in the front, which will offer pleasing and panoramic waterfront views to RAK Properties’ customers.
In order to accelerate the development, the contract was split into three packages and awarded to three well known contractors from UAE. As per the contracts the entire 20 buildings will be completed during the second half of 2011. The tenders were awarded to DTC, Al Tameer and “AAA” Contracting. Commenting on these contract awards, Mr. Mohammad Sultan Al Qadi, Managing Director and CEO of RAK Properties said: “Awarding contracts for constructing 20 buildings in the Mina Al Arab during the current liquidity crisis reflects RAK Properties commitments towards its valuable customers. Further, these contracts were awarded to three contractors to speed up the completion of the projects which will satisfy our customers and improve customer confidence in RAK Properties”.
The infrastructure works are progressing very well in the Mina Al Arab. 93 villas in the Precinct 4 are scheduled to be delivered within a couple of months. The construction of 213 villas in the Precinct 5 has been making progress and scheduled to deliver during the second half of 2010.
