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Developer: Rakeen
Details: http://www.rakeen.com/content/projects/dana_island.html



Standing on 5.3 million square meters of land, this island will be developed to accommodate commercial and residential complexes along with hotels giving the inhabitants that touch of a tourist attraction.

Dana Island is a genuine design that endures excellent natural water quality, extending 7kms into the sea with pearl white sandy beach stability. This creates a very attractive living atmosphere.
 

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Rakeen, the property developer and real estate arm of Ras Al Khaimah government, has launched a Dh.15billion mixed-use island around the shoreline to the Ras Al Khaimah coast. The island is expected to add about 53kms to the Ras Al Khaimah shoreline, and stretches seven kilometers into the Arabian Gulf.


Dana Island, which measures five kilometers by six kilometers, will include
three main islands, and ten leaf-shaped islands. The island will have the
capacity to accommodate several world-class hotels, commercial and residential
complexes. It will include a theme park, the construction of which is already in
progress. The park would cover about 400,000 square meters and will be open in another two years
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The island will be completed in two phases, and will cater to a population of 40,00. According to Massad, the Chairman of Rakeen Board of Directors and Chief Executive Officer of Ras Al Khaimah Investment Authority (Rakia), Ras Al Khaimah has good demand and investment potential and has witnessed a growth of 14 percent per year.

"Dana Island is likely to be the most sought-after multipurpose developments in the UAE. Rakeen has adopted the most sophisticated construction technologies so as to ensure that Dana Island will preserve the marine environment. As Ras Al Khaimah continues to gain prominence as the preferred holiday and business destination in the region, we believe that Dana Island will add considerable value to the global appeal of the emirate," said Wahid Atta Alla, a member of Rakeen Board.

With a current portfolio of Dh.5billion, the other projects of Rakeen at Ras Al Khaimah are the Al Marjan Island, RAK Financial City, Gateway City and the Banyan Tree Resort. Rakeen also plans to develop projects in Esfahan in Iran, and also at Tbilisi Uptown and Tbilisi Heights in Georgia.
 

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They love to dredge but the building takes longer & where is the power supply coming from. Put your feet up & have a long snooze before this project takes shape.....
Dana is moving very fast. Shah Rukh Khan Boulevard has already started taking letters of intent to purchase and apparently has 800 interests at a launch price of 2250 aed pr sq ft!!!!!!!! Its crazy, i know, but i saw that this island had a lot of interest at Cityscape................waiting for other developers to come in under that price hopefully to snap it up!!
 

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Hi. Any updates on this?

I know there are a number of investors who have paid their initial monies and are seeking seeking refunds following the cancellation of their plots due the redesign and scaling down of the island.

I suspect however that Dana Island will be postponed/cancelled altogether and investors offered the oportunity to transfer their monies to plots on Marjan Island.

RAKIA are pleading poverty and stating that whilst they agree that they are obliged to refund investors they do not have the liquidity to do so. It is ridiculous for a government entity to make this statement and demonstrates the amateur fashion of the whole RAKIA setup.

Investors have little legal recourse as RAKIA is ultimately owned by the RAK Crown Prince and the RAK legal system is unlikely to rule against him.

I would be interested to hear from investors who have cash tied up in Dana Island and what, if any, course of action they are following to obtain refunds.

Thanks
d
 

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RAKIA are pleading poverty and stating that whilst they agree that they are obliged to refund investors they do not have the liquidity to do so. It is ridiculous for a government entity to make this statement and demonstrates the amateur fashion of the whole RAKIA setup.


d
Dudayyy - sorry to hear about your issues - things are going a bit pearshaped in RAK at the moment - do you have anything from RAKIA regarding refunds? What projects have they offered to you instead? See the La Hoya Bay thread - they are looking to RAKIA as the golden ticket out of their situation but if the cupboards are bare ...... :eek:hno:
 

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Dudayyy - sorry to hear about your issues - things are going a bit pearshaped in RAK at the moment - do you have anything from RAKIA regarding refunds? What projects have they offered to you instead? See the La Hoya Bay thread - they are looking to RAKIA as the golden ticket out of their situation but if the cupboards are bare ...... :eek:hno:
courtesy of turbo

Interesting article in The National:

The Ras al Khaimah Investment Authority (RAKIA), the state-owned entity which owns most of the recent developments in the emirate, has introduced flexible payment plans and will allow existing owners to swap their off-plan holdings to projects that are closer to completion.

The move is intended to keep buyers from defaulting. And giving owners the option of transferring to other projects will also make it easier to scale back on projects still in their early phases, and concentrate resources on those nearing completion.

“We understand that there is an international crisis,” Khater Massaad, the chief executive of RAKIA said. “We want to be flexible. So if a client wants to transfer his payments from Dana Island to Marjan Island, there is really no problem, or even to another property.”

RAKIA will also allow buyers to defer payment instalments. Projects affected include Marjan Island, Dana Island and Gateway City. Dana Island, which is still in the early stages of development will be scaled back and Gateway, still at the planning stage, will be put on hold.

The move comes at a time when developers are struggling to raise finance for ongoing projects and property owners running into difficulty meeting their mortgage commitments.

By Nathalie Gillet , 23 February 2009 [link to article]
 
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