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Sat 13 Jun 2015 09:47 AM

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First homes at RAK's Al Hamra Village nearing completion

Al Hamra Real Estate Development says 80 homes will be ready for owners to move into in November

First homes at RAK's Al Hamra Village nearing completion
A general shot of Ras Al Khaimah. (For illustrative purposes only)

Al Hamra Real Estate Development has announced that it is nearing completion of the first of its luxury Bayti Homes at Al Hamra Village, Ras Al Khaimah.

Finishing works are scheduled to begin once structural and block work is completed, with 80 homes set to be ready for owners to move into in November.

The development comprises a total of 162 three and four bedroom villas, and will include a district cooling facility.

Benoy Kurien, general manager at Al Hamra Real Estate Development, said the first Bayti homes were released to the market in late 2014 and sold out within a matter of days.

Surrounding facilities include adult and children's swimming pools, tennis courts, football pitch, dedicated play areas, and interactive fountains.

Al Hamra Village is the flagship master planned development of Al Hamra Real Estate Development.

The development covers an area of 77 million square feet and includes 1.5 kilometres of beach, over 1,000 villas and town homes, nearly 2,500 residential apartments, 5 hotels including the Waldorf Astoria, an 18-hole golf course, a marina, and a shopping mall.

In January, Al Hamra Real Estate Development said it had increased the value of a syndicated loan to 1.25 billion dirhams ($340.3 million) from 850 million dirhams previously.

The loan will be used for capital expenditure and general business purposes, Al Hamra said.

Long a relative backwater in the economy of the seven-member United Arab Emirates, northern emirates such as Ras Al Khaimah are now growing rapidly as wealth spreads from Abu Dhabi and Dubai.

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