Al Hamra Real Estate has broken ground on its exclusive $270m Falcon Island residential development in the UAE’s northernmost emirate of Ras Al Khaimah.
Situated at the heart of Al Hamra Village, Al Hamra Real Estate Development says that Falcon Island is set to play host to one of the most sustainable pieces of real estate in the Middle East, and will combine sustainable buildings with the latest smart city technologies and exquisite craftsmanship of Italy’s luxury furniture masters Clubhouse Italia – Luxury Living.
“With exquisite European architecture, some of the finest interiors anywhere in the world, and stunning greenspaces, nothing else in the GCC will compare with what is on offer at Falcon Island. It will also completely redefine the real estate landscape in the northern emirates,” said Al Hamra Real Estate Development General Manager, Benoy Kurien.
“This is something we have been doing for over a decade, and the ground-breaking of Falcon Island is not only another proud moment in our history, but it is also symbolic of new ground we’ve been treading in the property market in Ras Al Khaimah,” he added.
The company says the homes “will be built with LEED Platinum certification in mind” and with “unrivalled waterfront living and world-leading energy-efficiency specifications” which would offer tremendous return on investment
“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. LEED properties are 30% more valuable and retain more of that value.”
The company has also launched a second phase to the project, and the off-plan sales are proving popular.
The ground-breaking ceremony was attended by senior members of Al Hamra Real Estate and the company’s development partners.