Ras Al Khaimah’s largest developer is repaying a loan ahead of schedule in a move that reflects the robust state of the emirate’s property sector.
RAK Properties said yesterday it would repay the Investment and Development Office (IDO) of Ras Al Khaimah US$22.32 million, due in July, along with an early settlement fee.
The company termed the move as cash-flow planning and said it would save on finance costs.
The developer’s third quarter profits fell 55 per cent and net income touched Dh30.3 million from Dh67.5m in the same period in 2012. The developer had attributed the fall to money set aside for impairment and rising expenses.
In 2009, RAK Properties received $150m from IDO to finance existing and future projects.
A week ahead of Cityscape last October, RAK’s largest developer launched 104 waterfront Flamingo Villas and two 20-storey apartment buildings in Lagoon Heights, and sold 50 per cent of the villas within a few days.
The latest phase cost RAK Properties Dh400m with prices for the villas ranging from Dh750,000 to Dh2.5m, said the company’s director of marketing and sales, Rashed Sultan Al Khatri. The company expects to sell 75 per cent of the units off plan, with handover in two years.
Apartments, which will be for lease only, are expected to hit the market by 2016.
Flamingo Villas and Lagoon Heights are part of the 30 million square foot Mina Al Arab development, which was launched in 2005 and is under progress in phases.
The project’s previous phases included 307 villas, which had prices from Dh2m to Dh5.2m and were sold out by 2011. The earlier phases included 808 apartments at prices between Dh295,000 and Dh1.2m.
Yesterday on the Abu Dhabi Exchange, RAK Properties’ shares closed at 98 fils, down a fil from Monday’s close, which was their peak for the year. They started 2013 at 38 fils apiece. The emirate’s property values have been rising throughout the year.
In 2013’s first quarter, RAK’s real estate prices rose by as much as 16 per cent, according to Al Hamra Real Estate Development, which developed flats and villas in Al Hamra Village.
The property company Cluttons said in June that new one-bedroom flats in RAK were selling for about Dh350,000, while rents were about Dh30,000 annually early in 2013.
Prices have generally risen since then, though amounts vary according to location.
A studio in Mina Al Arab is selling for Dh250,000, while a one-bedroom in Julphar Tower fetches Dh600,000, according to postings in Dubizzle.
A 5,436 sq ft, four-bedroom villa is going for Dh5m, while a 2,700 sq ft, three-bedroom villa has an asking price of Dh1.68m. Both are in Al Hamra area.
ssahoo@thenational.ae
Result
2.15pm: Maiden Dh75,000 1,950m; Winner: Majestic Thunder, Tadhg O’Shea (jockey), Satish Seemar (trainer).
2.45pm: Handicap Dh80,000 1,800m; Winner: Tailor’s Row, Royston Ffrench, Salem bin Ghadayer.
3.15pm: Handicap Dh85,000 1,600m; Winner: Native Appeal, Adam McLean, Doug Watson.
3.45pm: Handicap Dh115,000 1,950m; Winner: Conclusion, Antonio Fresu, Musabah Al Muhairi.
4.15pm: Handicap Dh100,000 1,400m; Winner: Pilgrim’s Treasure, Tadhg O’Shea, Satish Seemar.
4.45pm: Maiden Dh75,000 1,400m; Winner: Sanad Libya, Richard Mullen, Satish Seemar.
5.15pm: Handicap Dh90,000 1,000m; Winner: Midlander, Richard Mullen, Satish Seemar
The Saudi Cup race card
1 The Jockey Club Local Handicap (TB) 1,800m (Dirt) $500,000
2 The Riyadh Dirt Sprint (TB) 1,200m (D) $1.500,000
3 The 1351 Turf Sprint 1,351m (Turf) $1,000,000
4 The Saudi Derby (TB) 1600m (D) $800,000
5 The Neom Turf Cup (TB) 2,100m (T) $1,000,000
6 The Obaiya Arabian Classic (PB) 2,000m (D) $1,900,000
7 The Red Sea Turf Handicap (TB) 3,000m (T) $2,500,000
8 The Saudi Cup (TB) 1,800m (D) $20,000,000
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
UAE currency: the story behind the money in your pockets
The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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UAE currency: the story behind the money in your pockets
Company profile
Name: One Good Thing
Founders: Bridgett Lau and Micheal Cooke
Based in: Dubai
Sector: e-commerce
Size: 5 employees
Stage: Looking for seed funding
Investors: Self-funded and seeking external investors
THE BIO:
Sabri Razouk, 74
Athlete and fitness trainer
Married, father of six
Favourite exercise: Bench press
Must-eat weekly meal: Steak with beans, carrots, broccoli, crust and corn
Power drink: A glass of yoghurt
Role model: Any good man
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10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
