Al Hamra breaks ground on $272m Falcon Island in RAK
Development in Ras Al Khaimah’s Al Hamra Village will comprise 150 LEED-certified properties
Ras Al Khaimah’s Al Hamra Real Estate Development (AHRED) has broken ground on its AED1 billion ($272.3 million) Falcon Island residential project, the developer announced.
The 150 properties being built on Falcon Island will be LEED Platinum-certified as ‘green’ buildings, something Al Hamra says has helped drive sales.
“The prospects of owning a LEED certified property in a booming property market where average sale and rental rates across UAE have been increasing by around 30 and 25 percent, respectively, is one of the key reasons why the first phase of Falcon Island has sold out,” said Benoy Kurien, general manager of AHRED. “LEED properties are 30 percent more valuable and retain more of that value.”
A second off-plan lease for the development has also been released and is selling fast, Kurien added.
In an interview last year with Big Project ME, Barry Ebrahimy, head of commercial at AHRED, said Falcon Island would harness solar power to meet its electricity needs. “All the energy for homes will come from solar. Even the district cooling for that site will be a hybrid of solar and conventional energy.”
Earlier this month, it was revealed that the developer had awarded China Harbour Engineering Company an AED 150 million ($41 million) contract for marine and infrastructure works on the 2.2 million sq. m project. The scope of the contract includes dredging a canal through the centre of the island alongside building power, sewage, and road networks.
