Ras Al Khaimah’s Al Hamra pushes higher with Dh6.2 million beach homes at Dh1 billion Falcon Island

Ras Al Khaimah master-developer Al Hamra is gauging demand for luxury villas with pricing starting at Dh6.2 million and ranging up to Dh15 million at its Dh1 billion Falcon Island development. Early investor feedback indicates that the developer is doing well.

“We sold the seven-bedroom Dh15 million villa before the second phase of Falcon Island homes were released,” said Benoy Kurien, Group CEO of Al Hamra, the builder of Al Hamra Village, one of the country’s first freehold projects. “We are only selling a limited number of beachfront villas, as well as those with canal views.”

The first phase of Falcon Island, which is part of the larger Al Hamra Village, contained slightly more than 170 homes with prices starting at Dh1.2 million. When those went on sale last year, buyers were ready to go. Investor interest in Ras Al Khaimah’s real estate market is booming, and not just among individual buyers. Aldar Properties in Abu Dhabi purchased the Al Hamra Mall and a resort in Ras Al Khaimah as part of its efforts to diversify its holdings.

Begin with island infrared
The developer plans to begin construction on Falcon Island’s infrastructure in September. “We have spent so far on creating the beaches, settling the filling and firming up of land, and will soon award the enabling works contract,” said the CEO. “The villas will also begin construction in the middle of September, as planned.”

“The schematics have already been finalised, which means we are clear about the number of homes we will have on the island, their floor spaces, etc. The rest, centered on the detailing, is in progress. This ambitious development is part of our strategic five-year roadmap, from 2023-27, to drive sustained growth through projects.”

Is there more land on the way?
Given that Al Hamra Village will soon be fully developed with new projects, Al Hamra is still evaluating the viability of purchasing additional property. The CEO is thinking about buying land in the southern emirate, outside of Al Hamra, to build its upcoming hotel or community projects.

There could also be more deals like the one Al Hamra struck with Aldar when selling the mall. “Investor interest in both our completed assets and greenfield developments remains high,” Kurien said. “That means we can raise new funds for new land acquisitions; it also means we don’t need an IPO for the next four to five years to tap new capital.”