February 23, 2024

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RAK Properties income up 141% in Q1 2023 at Dh258.58 million

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Web revenue for the interval stood at Dh44.60 million in comparison with Dh30.48 million within the year-ago interval, up over 40 per cent.

Sameh Al Muhtadi, CEO of RAK Properties, mentioned: “This set of outcomes alerts the start of a brand new section of development pushed by our re-envisioned improvement pipeline. Gross sales from our launch of 679 items in Q1 have been pushed by enthusiastic demand from end-users regionally and worldwide buyers.

“We now have a really thrilling interval developing, with additional new launches in Q2 and the second half of the yr. Our main focus is on introducing new residential developments, forging partnerships that enrich our communities and deal with transformation initiatives inside present areas all through the emirate of RAK. We stay dedicated to pursuing development alternatives and investing in strategic acquisitions. With a sturdy liquidity place supporting us, we’re strongly positioned to efficiently execute our long-term development technique.

Through the interval, the corporate bought out the entire launched items in its Julphar Residence condo constructing situated on Reem Island in Abu Dhabi and in addition commenced the hand-over to finish customers.

Robust demand for beachfront properties in Ras Al Khaimah mirrored in optimistic investor and end-user demand for Bay Residences, situated on Hayat Island, Mina Al Arab. The condo buildings launched as a part of Bay Residences Part 1 have been totally bought out and their development is presently underway and on schedule. The Bay Residences Part 2 launch acquired the same response with two condo buildings consisting of 324 flats and 226 items has been bought to this point.

Development is ongoing for Gateway Residence 2, a 146-apartment residential constructing situated on Hayat Island and the gross sales are in course of.

The gross sales programme for Marbella Villa Part 2 comprising of 89 villas and townhouses was launched through the quarter.

Within the hospitality phase, the developer efficiently opened the 351-key 5-star Intercontinental Ras Al Khaimah Mina Al Arab Resort and SPA throughout 2022. The development of a second 5-star Resort on Hayat Island, Anantara Mina Al Arab Resort and Resort, is on-track. The 174 key unique luxurious resort with Maldivian model overwater villas is scheduled to open in late 2023.

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