Dubai-based property management and consultancy company, e-myproperty, yesterday launched Bab Al Badr, a Dh1.1 billion island property, on Al Marjan Islands in Ras Al Khaimah.
Commenting on the growth potential and investment appeal of Bab Al Badr, Yousuf Maqbul Hussain Hamar, Founder and Chairman of e-myproperty, said: "The launch of the project comes at a time when Ras Al Khaimah is in international limelight for the hectic and dynamic pace of development that is taking place in the emirate."
He said even before the official launch of the project, Bab Al Badr, or Gateway to the Moon, has attracted a spate of investment inquiries and a large share of the project has already been booked at the pre-launch stage itself.
Bab Al Badr will comprise a mix of high-end luxury residential units, serviced apartments and a retail zone. Construction will start in August and is targeted to be completed by 2011. Some of the facilities Bab Al Badr will have include three levels of basement parking, podium parking, private gardens, restaurants and coffee shops, professional property management services, gymnasium and sauna. Across Bad Al Badr, investors will be able to buy studios, one, two and three-bed room units, duplexes and town houses.
Hamar said: "The response to Bab Al Badr was a reflection of the perception of Ras Al Khaimah as an ideal destination for realty investments. The robust economic indicators of Ras Al Khaimah point out to the increasing potential to reap returns from investments and this has been noted by local, regional and global investors."
Quoting data, he said in the past few years Ras Al Khaimah has seen unprecedented growth across the economic spectrum – in 2007 the number of companies registered with Ras Al Khaimah Investment Authority grew 150 per cent while FDI has been to the tune of $30 billion. Tourist arrivals in 2007 rose by 40 per cent and the hospitality segment was on the boom trail with 93 per cent hotel occupancy.