Bab Al Bahr-Press Release

Rakeen celebrates new milestones for inaugural development within prestigious Al Marjan Island

Piling works for Bab Al Bahr mixed-use project completed ahead of schedule while brand new Sales Centre reports strong investor response

September, 2008

Rakeen, the master-planner and land developer of the Ras Al Khaimah, that exercises environmental responsibility when planning and developing, has announced that it has achieved remarkable progress with the development of its inaugural Bab Al Bahr project on the prestigious Al Marjan Island, Rakeen’s USD 1.8 billion man-made coral shaped atoll designed to offer a luxurious island-themed lifestyle.

Following the inauguration of its well appointed Sales Centre by H.H. Sheikh Saud bin Saqr Al Qassimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, Rakeen announced an energetic response from investors and property buyers with the recent sales launch of the Bab Al Bahr Office Tower, one of the centrepiece developments within the AED 1.2 billion Bab Al Bahr project. The strong sales results have been influenced by Rakeen's impressive handling of the project, which has remained right on schedule despite numerous challenges such as supply and manpower shortage and fluctuating prices of building materials.

Bab Al Bahr Office Tower is a 20-floor office facility integrated into a three-tiered, 19,000 square meter shopping complex, which boasts luxury retail stores, coffee shops, a food court, a family entertainment centre and four cinemas with ample underground parking facility. The 18,500 square meter main office tower is equipped with all essential business and office amenities, including an underground parking for up to 400 cars, on top of stunning views of the Arabian Gulf. Bab Al Bahr Office Tower also provides easy access to a fully integrated development complex, which includes residential apartments and a 320-room resort hotel.

Further underscoring its commitment to a timely delivery of the sprawling mixed-use development, Rakeen also recently announced the completion of the full piling works for the residential component of Bab Al Bahr and 50 per cent of the piling works for the retail and offices tower. Construction of the residential units is now poised to proceed as scheduled following the appointment of the main contractor.

The opening of the Sales Centre has also contributed significantly to the improved market exposure of the Rakeen's exclusive development project. Accompanied by Dr. Khater Massaad, CEO of Ras Al Khaimah Investment Authority (RAKIA) and Chairman of Rakeen, Sheikh Saud personally cut the ceremonial ribbon of the new sales facility and led government officials, stakeholders and other VIPs into the Sales Centre.

The Sales Centre, located on Al Marjan Island adjacent to Bab Al Bahr project, showcases model units of one and two-bedroom apartments and has been designed to offer a hassle-free platform for investors and property buyers to facilitate the requirements in acquiring properties within the development. The Sales Centre is also equipped with offices and a multi-function room for business meetings.

On completion - scheduled for the second quarter of 2010 - Bab Al Bahr will feature five residential buildings and a total of 710 residential freehold apartments broken into 110 studio apartments, 290 one-bedroom apartments, 220 two-bedroom apartments and 90 three-bedroom apartments. Key features include a pool bar, gym, themed swimming pools, children’s play areas, club privilege access, 24-hour security, ample parking space for up to 800 cars, 100 per cent free-hold ownership for residents, exotic gardens, private beach, a la carte dining options, facilities for various beach activities and a nearby golf course.

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