The Dubai-based luxury residential property developer, Select Group, today announced it had awarded its construction contract to the Ras Al-Khaimah based Construction Technology Contracting. (CTC) for its Pacific project on the off-shore man-made development of Al Marjan Island.
Pacific valued at a total of 1 Billion AED, is a joint development of Select Group in partnership with the UK-based Select Property. It will comprise six contemporary, architecturally spectacular properties, each named after Pacific Islands.
Commenting on Pacific and awarding of the contract, Mr. Rahail Aslam, CEO of Select Group said: “Pacific is an exclusive water front project, one of our first developments in the Northern Emirates of Ras Al Khaimah in partnership with the UK-based Select Property. The contract has been awarded to CTC after careful evaluation of their capabilities and we are convinced that they are the right construction partner for the project which is due for completion in 2011.”
“Pacific has been conceived in the backdrop of increasing investment interest in the realty sector of Ras Al Khaimah promising attractive return on investment. Our projection for Pacific is to deliver 20 per cent capital appreciation per annum and rental yields of 10 per cent,” he said, adding that Al Marjan Island is similar to Palm Jumeirah in Dubai, which has rewarded its investors with returns in the range of 400 to 500 per cent since the launch in 2002.
Together, the project will be spread across 25,300 square metres on the top isle of Al Marjan Island offering panoramic views of the Gulf and the natural surroundings of Ras Al Khaimah.
Designed by award-winning architects JRHP, Pacific will consist of studios, one and two bed room apartments, Duplexes, Pacific Suites and Gulf Suites. The price of units will start from AED 582,230 for a studio, AED 777,398 for one-bed room apartments, AED 946,904 for two-bed Pacific Suites and AED 1,214,369 for two-bed Gulf Suites. All properties benefit from a private beach and five star amenities, including rooftop infinity pools, health club, spa, 24-hour security, maid and concierge service.
Select Group and Select Property were the first company to offer investors the security of a self imposed Escrow regime with a 15 year payment plan. This unique payment plan ensures easy instalments for all investor categories.
“Right from the official announcement investor enthusiasm for Pacific has been tremendous and with the appointment of CTC, construction is all set to start targeting handover on time. We are extremely proud to have awarded the largest construction contract to date for a project on Al Marjan Island” Mr.Aslam said.
CTC, established in 2005, is one of the leading contractors in Ras Al Khaimah with expertise in both design and construction. “We have been able to gain an excellent reputation in finishing the projects assigned to us to the highest standard and within the development schedule of the project. We look at Pacific as a significant addition to our portfolio,” Mr. Waddah Bassmaji, CEO CTC LLC said.
The projects awarded to CTC include the contract for the entire Ras Al Khaimah Free Trade Zone (RAKFTZA) and the expansion of the Hilton Ras al-Khaimah Resort and Spa, among others.
A leading developer of luxury residential property in Dubai Marina, the world’s foremost master planned waterfront development, Select Group Developments has undoubtedly raised the bar in the Dubai real estate industry. Launching projects which offer the pinnacle of modern living and the best return on investment, the group is committed to strengthening its customer-focused values.
Select Property has enjoyed a successful relationship with Select Group Developments, working on four off-plan developments, including the Marina’s centrepiece Bay Central, the iconic super tower The Torch, The Point, and Botanica, the only residential development with a sky garden.
Select Property
Operating since 2004 Select Property has become a leading specialist in off-plan overseas investment property. Following initial success marketing and selling luxury residential property on an exclusive agreement basis, in March 2008 Select Property took the landmark decision to move into development launching Pacific, the first of two residential projects located on Al Marjan Island in the emerging emirate Ras Al Khaimah. Pacific is a joint development with Select Group.
The company currently has over 90 employees operating out of offices in the UK and Dubai. By May 2008 Select Property had successfully sold over AED 4billion worth of property to customers in 53 countries.
