Al Hamra second phase gets ready for market

The second lot of residential units coming under the pioneering Dh1 billion Al Hamra Village project in Ras Al Khaimah should be released to the market within weeks, according to senior officials associated with the project.

Under this phase, there will be 200 luxury villas, 180 apartments and 50 duplexes.

This is the first freehold development in Ras Al Khaimah, which is in the midst of a comprehensive makeover of its infrastructure and allied sectors.

There would be a certain "premium" attached to this lot compared with the sale price of the first set of units, the officials added.

Over 75 per cent of the units available in phase one have been bought by investors five months after being put to the market. Many of these buyers are from Western Europe and other regions, followed by local investors.

There were 200 villas and 320 apartments in phase one, with prices ranging from Dh209,000 to Dh1.67 million.

"The release of the second phase of residential units should tap some of the pent-up demand that exists in the market," said Ryan Mahoney, operations manager at Better Homes, which is overseeing the sale of the residential units on behalf of the developer, Al Hamra Property Development Co (AHPDC).

"Ras Al Khaimah is passing through major changes and the Al Hamra Village project spearheads that process."

The entire project, which also includes an 18-hole golf course and a marina, will be complete by end-2006.

In all, there will be 1,300 residential units by the time it is completed.

Homeowners making purchases in the first phase can expect to move in by next May.

Investors are also looking at the improvements to access that will occur upon the completion of the Emirates Road next year.

When it is opened, those wishing to reach Al Hamra Village will be able do so in 40 minutes or so from Dubai, completely bypassing the emirates in between. A trip now can take up to two hours.

"Ras Al Khaimah, with 64 kilometres of virtually untouched coastline, is arguably one of the most scenic emirates in the UAE," said Khater Massaad, chief executive officer of AHPDC.

"Al Hamra Village is ideal for those looking to invest in an exclusive seaside resort property set in a landscaped environment, a lush green course and purpose-built marina for water sports and fishing trips."

With regard to freehold titles for homeowners in Al Hamra Village, the procedure is that deeds will be provided by the emirate's Lands Department as soon as the units are completed and all payments have been made by the investor.