Property

Cityscape: RAK’s Al Hamra to launch phase two of Falcon Island

The $272 million Falcon Island development in Ras Al Khaimah is due for handover in December 2017

PHOTO: Falcon Island investors will be able to create their own tailor-made property using a homebuilder app. Credit: Al Hamra Real Estate Development

Ras Al Khaimah’s Al Hamra Real Estate Development is set to launch phase two of its AED1 billion ($272 million) Falcon Island project at this year’s Cityscape Global in Dubai.

Launched in 2014, the Falcon Island development is a 2.2 million-square-foot (204,387 sqm) island community located within the natural lagoon that forms part of the Al Hamra Village complex. It is due for handover in December 2017. Prices on the project range from AED 1,100 to AED 1,500 per square foot, the developer said in a statement.

“Phase one of Falcon Island has sold out and we are now launching phase two at Cityscape which will include the exclusive beach and canal villas priced competitively from AED 5.7 million ($1.55 million),” said Benoy Kurien, general manager at Al Hamra Real Estate Development.

Investors at Falcon Island will be able to create their own tailor-made property using a homebuilder app, which will allow them to select the number of rooms, secondary finishes, landscaping and other elements, he noted.

Sustainability is also at the core of Al Hamra’s business strategy for the development. “Falcon Island will be LEED Platinum-rated, which for our residents will translate into a significantly lower carbon footprint. They will also make savings on their utility bills, with homes, street lighting, water desalination and cooling benefiting from solar energy.”

Another project the developer will be highlighting is the freehold Bayti development, a community of 162 townhouses located within the existing Al Hamra Village. Set to be handed over this November, the three and four-bedroom townhouses at the development are priced from AED1.89 million ($514,650) and are set amid three parks, close to a championship golf course, 1.5km-long private beach and a 200-berth marina.

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