RAK Properties plans to launch two projects

RAK Properties plans to launch Masafi Development and Fisherman's Quay in Ras Al Khaimah, and Julfar Residence on Al Reem Island, said a company executive.

Barclay Saastad, Director of Investment and Business Development at RAK Properties, said that the developer had a few projects in pipeline, but refused to disclose the value or launch date for them.

Besides, the Abu Dhabi-listed developer is looking to brand itself in the capital by launching RAK Towers in Al Reem Island, he said.

"We will be introducing the Ras Al Khaimah brand in the capital with the launch of RAK Towers in Marina Square," he said.

According to his presentation, the Dh10 billion Mina Al Arab project will be completed in phases and will begin deliveries from 2009 until 2012. About 94 villas are likely to be delivered by the end of this year.

However, Chief Executive Officer Mohamed Sultan Al Qadi told Bloomberg that parts of Mina Al Arab that have not been sold would be halted. The work on hold includes a marina, a shopping centre and seven hotels.

"We were planning of having 11 hotels, now we will go with four," Al Qadi said.

"If the market improves, we will go ahead and build that as well as the marina and retail space," he added.

Infrastructure work at Mina Al Arab, which covers 2.8 million sq m, will be completed by the end of this year at a cost of Dh700 million, said Al Qadi.

About Julfar Tower, Saastad said 90 per cent of the released stock for the project had been sold.

"The completion date is most likely shifted to the first quarter of 2010 instead of the fourth quarter of 2009."

Julfar Tower consists of two 45-storey building – one residential, with 349 apartments, and the other an office tower with 468 units – built over a three-level podium that provides retail as well as food outlets.

In July, about 400 projects worth more than $300 billion (Dh1.1 trillion) have been put on hold or cancelled in the UAE, said Proleads Group.

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