Dubai, September 13 2004: Advance bookings for properties at Al Hamra Village, Ras Al Khaimah's exclusive luxury residential and leisure development, are exceeding expectations according to the promoters Better Homes. The development has already seen 75% of phase one sold.  The developers of the project have entered into an agreement with HSBC to provide mortgage facilities of up to 60% of the developer's list price to individual buyers. In addition, a number of other financial institutions have also shown interest in the project.

A brand new development under the patronage of Crown Prince HRH Saud Bin Saqr Al Qassimi, Al Hamra Village, scheduled to be completed in 2006, will provide a luxurious and relaxing environment, set around a natural lagoon and island.  

"Ras Al Khaimah, with 64 kilometres of virtually untouched coastline, is arguably one of the most scenic emirates in the UAE. Al Hamra Village is ideal for those looking to invest in an exclusive sea-side resort property set in an elegantly landscaped environment with luxury homes, a lush green golf course and a purpose-built marina for water sports and fishing trips," said Dr. Khater Massaad, Chief Executive Officer, Al Hamra Property Development Company.

Investors can take their pick from a selection of over 1,300 freehold units including luxury villas, elegant duplexes, deluxe town houses and premium apartments.

"The property has been designed keeping in mind the needs of investors seeking to escape from the day-to-day stress of city life. The key attraction of the Dhs 1 billion Al Hamra Village will undoubtedly be the 18-hole golf course designed by world renowned Peter Harradine and the Al Hamra Village Marina for those who love water sports. The financial approval from a leading bank such as HSBC, further demonstrates the confidence of the market in the Al Hamra project and the developers," said Ryan Mahoney, General Manager, Better Homes.

"We are very pleased to be associated with this ambitious new development, which enables us to extend the horizon of our growing mortgage business within the country" said Damian Hitchin, Mortgage Business Manager for HSBC Bank Middle East Limited.

The golf course, of which 9 holes will be ready by mid 2005, encircles the entire perimeter of a natural lagoon. It will include state-of-the-art greens and tees, ensuring a fair test of golfing skills for both amateurs and professionals.

Al Hamra Village Marina is perfect for those who love the sea. It will offer every kind of water sport including skiing, kayaking, paddle boats and parasailing as well as fishing trips, catamaran rides, scuba diving and snorkelling.

Al Hamra Village is not just, about owning a luxury home. It also offers world class amenities. These include hotels and restaurants, a marina with berthing facilities and excellent telecommunication networks to remain connected with the outside world.

A focal point of the development is the already-established Al Hamra Fort Hotel, which boasts year round European clientele, will be complemented by two additional five-star properties, all due for completion in 2006.

The fast developing road networks within Ras Al Khaimah and the emirate's proximity to the commercial hub Dubai, make Al Hamra Village an ideal investment for those seeking a perfect getaway.

-Ends-  

For further information please contact: 
Arafaat Ali Khan/Sandy Barqawi       
Landmark Public Relations       
P O Box 502182,
Dubai Media City,
Dubai, U.A.E.  
Tel.: (009714) 391 2140/1/2/3/4  
Fax: (009714) 390 4345

© Press Release 2004