#PROJECT-Ras Al Khaimah: MINA AL ARAB

[davidbht]

Water park wow rak opening next door to granada precinct 4 mina al arab although a soft opening.
www.funnfood.com
As a 850 million aed investment the www site is of qustionable quality to be fair.

[ebrahim11]

RAK Properties Awards Deals Worth $109m
Publish Date: 2009-12-30 08:00:14 Story Code: 23959

DUBAI � Abu Dhabi-listed RAK Properties said on Tuesday it signed deals worth a combined Dh400 million ($108.9 million) with three contractors to build 20 residential blocks in its mixed-use project Mina Al Arab.

The developer awarded the contracts to DTC, Al Tameer and AAA Contracting to accelerate construction of the buildings, which are scheduled for completion in the second half of 2011, it said in a statement posted on the Abu Dhabi bourse�s website.

The Mina Al Arab project is valued at Dh10 billion.The company is based in Ras Al Khaimah.

© Khaleej Times 2009.

Link: http://news.wadionline.com/news/23959/rak-properties-awards-deals-worth-$109m

[ebrahim11]

RAK Properties, Ras Al Khaimah�s largest developer, has awarded Dh400 million (US$108.9m) of construction orders for 20 buildings in its Mina Al Arab development.

The developer awarded the contracts to DTC, Al Tameer and AAA Contracting. The three companies will start construction on more than 800 residential units that are due to be completed in the second half of next year, RAK Properties said yesterday.

The contracts are part of the third phase of the development, which has suffered delays as a result of the fall in property prices.

�Everything that was sold is under construction or will be built,� said Mohammed al Qadi, the chief executive of RAK Properties. �This includes precincts four, five and two. As for precincts one and three, including the shopping mall, we will see their fate after the crisis.�

The developer sold about 80 per cent of this phase of the project in 2008 when it was launched at the property market�s peak.

Mina Al Arab is one of the few developments in the emirate in which foreigners have been allowed to buy freehold property.

Investors in man-made islands being built in Ras al Khaimah, including Dana Island and Al Marjan Island, have been allowed to move their deposits from stalled developments to projects where developers have enough funds to finish construction.

�Property values in RAK have fallen significantly, and we think pricing in the secondary market is currently around Dh525 per square foot to Dh575 per sq ft,� said Chet Riley, an analyst at Nomura Securities, recently.

�We think this is well below the current average selling price of the units in Mina Al Arab, which we estimate is around Dh1,400 per sq ft.� RAK Properties� shares gained 3.5 per cent yesterday on the Abu Dhabi Securities Exchange.


© The National 2010. All rights reserved.

[lululu1]

We're in Precinct 2 Building 4. Has anyone been given a completion date yet, we were told August 2010 but this looks unlikely. Any more news or photos would be much appreciated.

[UAEasy]

Can't help precinct 2 but have been told that handover of precinct 4 will start end of Feb/beginning of March.

I will be visiting the site on Thursday so will update if I get any news then.

[lululu1]

Thanks UAEasy, would love to hear any news from the ground. Rak Props are saying 2010/2011!!

[UAEasy]

Whereabouts is precinct 2? If I know which way to point my camera I'll get some shots if possible.

[kevin_1980in]

Originally Posted by ebrahim11

RAK Properties Awards Deals Worth $109m
Publish Date: 2009-12-30 08:00:14 Story Code: 23959

© Khaleej Times 2009.

Thanks for sharing ebrahim11

[lululu1]

We're on the lagoon opposite the harbour. Can't wait for your news, Thanks again

[UAEasy]

Hi, Lululu1, not a lot to report I'm afraid.
The guy I was with from RAK Props told me Aug 2011.

P2 is all behind hoardings but I could see that they were piling so work is taking place. This is the best I could do for P2, taken by my daughter on our way past (I couldn't see from P4).

[UAEasy]

Regarding P4 (Granada) I was told handover set for mid March. I went inside my villa and it was crawling with workmen mainly patching up and painting over - it's pretty much there. As you can see from the pic there's a LOT of landscaping to be done still.

Beachfront villas to left, middle row standard villas to right.


Back of middle row villas to right, townhouses to left. Water features/fountains going in this area. Pool construction well under way.

[lululu1]

Hi UAEasy

Thanks so much for you info. Were you impressed with what you saw? Did the RakProps guy say how much of the development originally promised will be delivered. i.e. hotels, mall etc

Thanks again

Linda

[UAEasy]

Yes, I was very impressed, especially inside the villa.

There are some changes to the brochure but nothing major.

I think that when it's done it will be fantastic, and they are well under way (P4).

I think he said that the Intercontinental is started but a lot of the retail stuff is on hold. He said there are a load more residential units on the island but they haven't been released yet.

I *may* go up again next week.

[UnhappyMinaOwner]

Originally Posted by Cayman

Al Hamra mall is less than 5 minutes drive. There is a full sized Spinneys there.

Why would you want to take a 5 minute drive when you have just paid to live on a luxurious development? Without the shops and malls then MAA will be like a ghost town.

[UnhappyMinaOwner]

Originally Posted by hshouse

Hello Everyone,

I am curious if there are any investors that have a problem with keeping up with the payments of any units.

Has the current financial crisis affected anyone's payments ?

Yes, I know several people now all who can't or won't make the remainder of the payments for the deposit because apparently there are no banks who will lend to non residents for this development. RAK Props answer is simply 'too bad' and they immediately terminate your contract and keep 40% of your deposit. Very poor Customer Service.
For anyone who has paid their 45% deposit and is planning to get finance for the remaining 55% then be wary as you may not get a loan and if you do, depending on what price you paid (and RAK Props charged different clients different prices for similar properties) then you may be in for a shock as the value of the properties is considerably lower than you paid for it.
If you want to check it for yourself, ring some agents and ask what it is worth if you were to try and sell it today ! Be prepared to put in a massive amount of your own cash, particularly if you have an overpriced villa or townhouse.

Has anyone formed an MAA action group yet? as I'd be interested.

[The-King]

04/01/10
by Digital Globe


Villas having good progress, nothing else

[davidbht]

Electricity prices in rak, what is the fewa rate,and your experiences of power supply ib rak.?

[UAEasy]

I was up there a couple of weeks ago. Properties all look complete, landscaping in progress. Expected handover within a month. We shall see....

[UAEasy]

Received today:

http://www.rakproperties.net/updates/p4/

[davidbht]

Originally Posted by UAEasy

Received today:

http://www.rakproperties.net/updates/p5/

update for p5 too