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Sat 16 Jul 2011 03:49 PM

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Handover of Abu Dhabi's 'RAK Tower' on track, developer says

Developed by RAK Properties, the 43-storey tower on Al Reem Island consists of 212 residential apartments

Handover of Abu Dhabi's 'RAK Tower' on track, developer says
(Image: www.rakproperties.net)
Handover of Abu Dhabi's 'RAK Tower' on track, developer says
GROWTH PREDICTION: for Ras Al Khaimah.

UAE’s RAK Properties has commenced the handover of RAK Tower in Abu Dhabi, the developer behind the project said in a statement on Saturday.

The 43-storey RAK Tower, is one of the first projects to be completed on Al Reem Island. RAK Tower is located at Marina Square, on the northern shore of Island. The project, whose delivery has started on June 27, consists of 212 residential apartments.

"RAK Properties has started contacting customers in RAK Tower to arrange the handover of their units. Demand for RAK Tower was very high due to its prime location in Al Reem Island. The building offers spectacular sea views for our customers, " Mohamed Sultan Al Qadi, managing director and CEO of RAK Properties said in the statement.

The company has also started the handover of Julfar Towers in Ras Al Khaimah and Malibu villas and townhouses at its Mina Al Arab project, Al Qadi added.

RAK Properties, which is Ras Al Khaimah's biggest property developer listed on Abu Dhabi Stock Exchange, also reported higher demand for its residential and business units in the first half of 2011, compared to the same period of last year.

Al Reem Island is a residential, commercial and business project on Al Reem Isle, a natural island 600 metres off the coast of Abu Dhabi island.

The handover of RAK Tower comes amid reports that Abu Dhabi rental rates continue to fall by up to 10 percent.

Professionals who commute everyday from Dubai are likely to make the move to the UAE capital over the summer, Cluttons has said in a new report.

The study by the real estate agency found rental rates in Abu Dhabi continued to fall by up to 10 percent in the first quarter of 2011, adding that rates were not on a par with apartment buildings in Dubai Marina and the Palm Jumeirah.

Another report released this week by CB Richard Ellis said the delay in the completion and handover of residential units in areas such as Marina Square and Reem Towers had prevented rental rates from falling further, but once these come on stream further declines in rates are expected.

Overall, CBRE found rental rates have fallen by as high as 26 percent year-on-year, especially in lower quality residential units.

In the office sector, around 400,000 square meters of new office space is expected to enter the market in 2011 and, as a result, average rental rates have fallen from a peak of AED3,800 per square metre per annum in 2008 to around AED1,700 square metre per annum in 2011.

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