Dubai: Having completed and handed over the world's tallest dedicated residential high-rise — The Torch with 86 floors — its developer is turning to unfinished business in Ras Al Khaimah.
The Select Group has an ongoing project called the Pacific, featuring a cluster of six mid-rise buildings, in the northern emirate. The topping out for all six properties is complete and the rest of the work is, according to the developer, progressing well.
This will now set the stage for a renewed attempt at selling the 30 per cent of the properties that are unsold as of now. "For the remaining inventory Select holds in Pacific, we are planning to revive our sales campaign in the second quarter," chairman Rahail Eslam said.
"We will be specifically targeting certain nationalities that are regular visitors to Ras Al Khaimah, i.e., Russians, Italians and Germans, although this does not mean we will restrict our marketing to these groups only. The emirate is a popular retreat among Dubai expatriates and local residents."
The developer is looking to attain a price tag of Dh700 to Dh800 per square foot. Property selling in these still uncertain times comes with a fair share of caveats.
Buyer's market
It is very much a buyer's market and they can well set the tone for what the properties will actually sell for. Only developers with deep pockets and a lot of patience can hope to sit it out until the market trends set an opposite course.
The Select Group expects its track record of five completed projects in Dubai to raise its credentials along with the fact that the Pacific in Ras Al Khaimah is nearly 70 per cent sold.
"The Pacific is one of the few projects that has never been scaled down or placed on hold in RAK. It is around 70 per cent sold and our confidence to complete the project remains intact," Eslam added. "Tough times have not deterred us from pursuing projects within a framework of prudence and diligence, including the financial planning. And our investor base continues to be intact."
Even in Dubai it has enough to keep the developer keen in the near term. The handover process is continuing apace at the 41-storey Botanica, and with a botanical garden on the 27th floor, in Dubai Marina.
Completion of the Bay Central, a cluster of three high-rises also located in Dubai Marina, is scheduled for later this quarter. One of the high-rises will function as a five-star hotel and also feature serviced apartments. The identity of the hotel operator has not been disclosed.
Progress on land bank
"All our land bank in Dubai Marina is either under construction or already completed, including the hotel which is anticipated to open in early 2013," Eslam said. "To date, we are the largest private developer in Dubai Marina."
The completed properties now have their own owner association managements, which work in coordination with the interim board of property owners. "Within three to four months of opening a new project, we call an annual general assembly of all owners to elect an interim board to work with the OAMs — all FM services within each development are outsourced to specialist third-party suppliers," Eslam said.
Rescue scheme
Now that it is more or less done with its roster of its own projects, the Select Group is giving a thought to help out with the stalled developments of other developers.
"There are good opportunities to rescue partially completed developments in Dubai and soon we will be placing our interest in some of those projects," Rahail Eslam said. "We are already looking at other opportunities in Dubai and internationally — we are not just looking to complete our projects and sit idle.
"However, our main focus is placed on the handovers and completion of our ongoing projects."
