Ras Al Khaimah’s largest real estate developer Al Hamra Real Estate Development will launch the Phase 2 of its Falcon Island development at the Cityscape Global in Dubai, next month.

The new phase will include the exclusive beach and canal villas priced competitively from Dh5.7 million ($1.55 million), a spokesman said.

The multi-million dollar luxury Falcon Island development, launched in 2014, is due to be handed over in December 2017. The 2.2 million-sq-ft island community is located within the natural lagoon that forms part of the Al Hamra Village complex.

The ultra-exclusive freehold community comprises a collection of just 150 luxurious five to eight-bedroom Canal, Beach and Park residences, complemented by private beach access, landscaped green spaces, stunning waterfront views and a signature central canal, giving the development a ‘Venice in the Middle East’ feel.

“Phase one of Falcon Island has sold out and we are now launching phase two at Cityscape,” said Benoy Kurien, General Manager, Al Hamra Real Estate Development.

Smart home technology will be a central feature of Phase 2 with interior design including high-end furnishings from Bentley Home Collection and bespoke Italian luxury brands such as Fendi Casa, Kenzo Maison and Alberto Vignatelli’s Heritage Collection.

Al Hamra returns to Cityscape Global, to be held in Dubai from September 8 to 10, following a strong Q2 2015 performance for Ras Al Khaimah’s real estate sector, which witnessed consistent demand for its high profile projects and robust occupancy and rental rates for its quality competitively-priced villas and townhouses, said the company.

According to the Asteco Northern Emirates Q2 2015 real estate report, Ras Al Khaimah (RAK) was the Northern Emirates’ ‘success story’, with established communities such as Al Hamra Village by Al Hamra Real Estate Development continuing to attract strong investor and tenant interest.

Asteco research found that on average, two-bedroom homes in RAK were being rented for between Dh50,000 and Dh65,000 while three-bedroom residences were being leased for between Dh85,000 to Dh130,000. A three-bedroom villa with golf course views also sold for an extremely competitive Dh500 to Dh700 per sq ft, it said.

Falcon Island prices range from Dh1,100 to Dh1,500 per sq ft, the report said.

“The take-up of existing stock at Al Hamra Village has been excellent with occupancy levels at almost 100 per cent. We are marketing three-bedroom villas for under Dh2 million, which underscores our exceptional value-for-money and the sustainable rental rate increases we have achieved also maintains our competitive edge,” said Kurien.

“Falcon Island will bring a new level of luxury real estate to the emirate and customisation is at the heart of this exclusive community with investors able to create their own tailor-made property using our homebuilder app which allows them to select the number of rooms, secondary finishes, landscaping, pools and more,” he said.

“Added to this is our mandate to put sustainability at the heart of our business strategy, Falcon Island will be LEED Platinum rated, which, for our residents will not only translate into a significantly lower carbon footprint, they will make savings on their utility bills, with homes, street lighting, water desalination and cooling benefiting from solar energy,” he added.

The second development under the spotlight at Cityscape Global will be the freehold Bayti development, a sustainable community of 162 townhouses located within the existing Al Hamra Village.

Set to be handed over in November this year, the spacious three and four-bedroom townhouses are priced from Dh1.89 million and are set amidst three parks, with the championship golf course, 1.5-km private beach and a 200-berth marina a short stroll away. – TradeArabia News Service