e-myproperty forays into development; Debuts with AED 1.1 billion Bab Al Badr
on Al Marjan Islands in RAK
• Iconic island property comprising 12-storey elliptical twin towers linked by a sky bridge to an 8-storey building, to offer residential units, serviced apartments and retail zone
• Construction of project across 2.5 million square feet set to start in August 2008, targeted completion by 2011
Catalysing the growing investment appeal of Ras Al Khaimah, property management and consultancy company, e-myproperty, today announced foraying into development by launching its first project - an iconic AED 1.1 billion island property, Bab Al Badr, on the offshore man-made development of Al Marjan Islands in Ras Al Khaimah.
Elaborating on the debut project, senior officials of e-myproperty said the development will add significant value to the AED 6.6 billion Al Marjan Islands which is spread over 29 million square feet on the south west of the emirate.
Commenting on the growth potential and investment appeal of Bab Al Badr, Mr. Yousuf Maqbul Hussain Hamar, Founder and Chairman of e-myproperty said: “The launch of the project comes at a time when Ras Al Khaimah is in international limelight for the hectic and dynamic pace of development that is taking place in the emirate - thanks to the visionary leadership of H.H. Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah.”
He said, that even before the official launch of the project, Bab Al Badr, or `Gateway to the Moon,’ has attracted a spate of investment inquiries and a large share of the project has already been booked at the pre-launch stage itself.
The construction of the project will start in August 2008 and is targeted to be completed by 2011.
Unique concept
Conceived as a first-of-its-kind project imbued with all-round architectural excellence blending tradition with modern amenities, the components of Bab Al Badr will comprise an eclectic mix of high-end luxury residential units, serviced apartments and a vibrant retail zone, together creating a unique community lifestyle ambience.
“Bad Al Badr will offer the whole gamut of modern day facilities under one canopy. The project will be opulent, state-of-the-art, with a sense of space around flanked by the waters of the Arabian Gulf. The overwhelming response at this early stage to the project has also prompted us to look at the possibility of replicating the concept in other emirates of the UAE,” said Mr. Yousuf Maqbul Hussain Hamar.
Some of the facilities Bab Al Badr will have include three levels of basement parking, podium parking, private gardens, restaurants and coffee shops, professional property management services, gymnasium, sauna etc. Across Bad Al Badr, investors will be able to buy studios, 1, 2, 3 bed room units, duplexes and town houses.
RAK on growth trail
Mr. Yousuf Maqbul Hussain Hamar said, the response to Bab Al Badr was a reflection of the perception of Ras Al Khaimah as an ideal destination for realty investments. “The robust economic indicators of Ras Al Khaimah point out to the increasing potential to reap returns from investments and this has been noted by local, regional and global investors.”
Quoting data, he said in the last few years Ras Al Khaimah has seen unprecedented growth across the economic spectrum – in 2007 the number of companies registered with Ras Al Khaimah Investment Authority grew 150 per cent while FDI has been to the tune of US$30 billion. Tourist arrivals in 2007 rose by 40 per cent and the hospitality segment was on the boom trail with 93 per cent hotel occupancy. It is estimated that the emirate’s GDP grew by 18.1 per cent last year.
“There has been a significant 57 per cent growth in population in the last eight years and the government has invested some AED 5 billion in infrastructure development which will further accelerate more investments into the economy of Ras Al Khaimah, including into real estate,” said Mr. Yousuf Maqbul Hussain Hamar – adding, that these developments will amplify the appeal of projects like Bab Al Badr.
