RAK Properties eyes Indian customers

RAK Properties, a real estate company based in the emirate of Ras al-Khaimah, is hoping to bag around 18-20 buyers for various units of its Mina Al Arab residential-cum-tourist resort project during its three-day promotional road show, which begins here tomorrow.

It plans to offer special prices of Rs 2.75-3.25 crore for townhouses and Rs 5.5-6 crore for villas. The company has tied up with Bank of Baroda, HSBC and two other West Asia banks for financing up to 85 per cent of the unit cost.

The Mina al Arab is one of the company's three ongoing projects, and will have two-thirds of its built-up space in the form of townhouses and the rest as villas. Only the first phase of the project is complete and is scheduled to be fully ready by 2013.

The other two are the Julfar Towers, a residential-cum-commercial twin buildings, and RAK Tower. The 43 million-sft Mina al Arab project is estimated to a cost AED 10 billion (Rs 12,825 crore) and is of freehold category, meaning one can own it outright.

According to Ralph Chkaibane, director of sales, RAK Properties, 20 per cent of the buyers of the already sold properties were Indians.