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The new project will have 501 units and will be built within the Al Hamra Village residential community

Ras Al Khaimah-based developer Al Hamra unveiled a Dh1 billion ($272 million) residential project as it taps into a broader recovery in the UAE’s property market.

The new project, named Falcon Island, will be built within the Al Hamra Village residential community that also has a shopping mall, a yacht club and hotels, the company said on Wednesday.

“This mega-development will further underscore Al Hamra and Ras Al Khaimah’s credentials as a multicultural, safe, and progressive destination for its residents, investors, and visitors,” Benoy Kurien, group chief executive of Al Hamra, said.

The construction on the project is set to begin in the second quarter of this year and will be completed in 24 to 28 months, Mr Kurien told The National in an interview. It will have 501 villa units, ranging from two to seven bedrooms with prices starting from Dh1.2m.

The launch of the new project comes as the UAE’s property market continues to recover from the Covid-19 pandemic, boosted by new government initiatives such as residency permits for those who have retired and remote workers in addition to the expansion of the 10-year golden visa programme.

The UAE’s containment measures to stem the spread of the coronavirus, such as widespread testing and an effective vaccination programme, have also helped the property market recover.

Al Hamra is also the developer of Waldorf Astoria Ras Al Khaimah and Ritz-Carlton Ras Al Khaimah, among others.

Last month, the developer sold its Al Hamra Mall in Ras Al Khaimah for Dh410m to Abu Dhabi’s Aldar Properties.

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