Dh300m Anantara hotel in RAK to get Maldives-inspired water villas

RAK Properties, Ras Al Khaimah’s (RAK) biggest property developer, is building a Dh300 million 250-room hotel on Mina Al Arab, a mixed-use waterfront development, company CEO told Emirates 24|7.

“The resort - Anantara Mina Al Arab Ras Al Khaimah Resort - will comprise 250 units with Maldives-inspired overwater villas. It will open in late 2018,” Mohammed Sultan Al Qadi, Chief Executive Officer, RAK Properties
 
The developer, which is listed on the Abu Dhabi Stock Exchange, signed a hotel management agreement with Minor Hotel Group (MHG) to operate the resort.

Mohammed Sultan Al Qadi, CEO, RAK Properties and Travis White, Business Development Manager, Minor Hotel Group.

Asked his view of the emirate’s property market, Al Qadi said it was the best time to invest in real estate.

“If you want a long-term investment put your money into real estate as there is always appreciation. The UAE is very attractive market because its offers freehold, has a growing population, flexible rules, nearly 200 nationalities living here, best airport and best airlines - all these is making investment into real estate attractive.”

Terming prices for their units “economical,” he stated: “We believe our prices are much lower because we don’t look for high margins. As the prices are lower than other emirates, we are seeing investors buying into our projects.”

Earlier this month, the developer awarded the construction contract for the second phase (68 villas) of its Flamingo Villas in the Mina Al Arab to Al Nuaimi Group, which is building the 124 villas in phase one, which are set for delivery by last quarter 2015.

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