Monday, Jul 21, 2008
Dubai: Stallion Properties on Sunday launched the Dh1.2 billion Greek-style development on Marjan island in Ras Al Khaimah, in line with plans to raise its total portfolio in the UAE to around Dh4.5 billion.
The Santorini development will comprise 560 units covering an area of just over 463,000 square feet. The units will consist of Aphrodite townhouses, Zeus villas, Apollo condos and Artemis luxury condos.
Construction will begin in October this year and is expected to be complete in 2011.
Marketing alliance
Stallion Properties has tied up with Aspire Real Estate to assist with sales and marketing of the Santorini project.
Speaking at the launch, Harry Kantaria, chairman of Aspire Real Estate, said: "The Santorini project fits perfectly into the Marjan island development and is a fine example of the creative foresight of the Ras Al Khaimah market." Naresh Mehta, CEO of Stallion Properties, said the infrastructure on Marjan Island is "going very well".
The units of Santorini are being sold in packages of seven, as the main aim is for investors to make money from resales. The cheapest package is available for just over Dh10 million.
Marjan Island is a Dh6.6 billion project and one of the major developments underway in Ras Al Khaimah.
The mega-project is a mini archipelago, as it is made up of five man-made islands which spread across 2.7 million square metres.
On completion, Marjan Island is destined to stretch over two kilometers into the Gulf.
Mehta also said Stallion Properties has plans to launch two towers in Palm Jebel Ali at a cost of around Dh3 billion, increasing the company's portfolio to around Dh4.5 billion.
The proposed name of the Palm Jebel Ali project is La Passion at the moment, as Mehta wants the towers to be "all penthouses". "I want to change the skyline of the UAE," Mehta said.
By Suzanne Fenton
Gulf News 2008. All rights reserved.
