Emirates Flag project

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Emirates Flag project

Postby shawarma » 14 Jul 2008, 08:45

  • Property name: Emirates Flag Project - 7 apartment buildings on the coast, which look like the UAE flag when viewed from above, by painting the roofs with red, greeen, white and black paint. Announced 21 September 2006 (some reports says September 2007).
  • Development: Emirates Flag
  • Location: Ras Al Khaimah
  • Emirate: Ras Al Khaimah (RAK)
  • Completion date of construction (expected or actual):
  • Completion date of construction (scheduled):
  • Start date of construction:
  • Project value: AED 6.24 billion (US$1.7 billion) / AED 7 billion (US$1.9 billion) / AED 7.3 billion (US$2 billion)
  • Area (size): 300,000 sq ft for each commercial block (x7 blocks, x3 buildings in each block, estimate total area of about 6 million sq ft, and 2 million for residential accommodation).
  • Number of units:
  • Developer: High Rise Properties (Managing Director is Elie Matta, Managing Partner is Mr Faisal Ali Moosa). Partners are A&A Investment Group, Dream Industrial Park, and Ras Al Khaimah Free Zone Authority (RAKFZA / RAKFTZ). Promotors are Al Aqariya Media Group.
  • Consultants:
  • Architect / Designer: Design concept from "Dimensions". Designer is Mr Hisham Al Ghani.
  • Project manager:
  • Construction firm:
  • Escrow account details:
  • Main/exclusive sales agent:
  • Apartment types (studio, # bedrooms): studio 1 bedroom 2 bedrooms
  • Number of floors: 25 for office towers, unknown for hotel & residential but perhaps up to 30 based press release images
  • Car parking:
  • Foreign / Expat Ownership:
  • Residence visa included for expats:
  • Payment Plan:
  • Mortgage finance from:
  • Unit sizes (excluding/including balcony): 450 sq ft (studios), 800sq ft (1 bdrm), 1200 sq ft (2 bdrm)
  • Unit prices (Original Price / OP):
  • June 2008 prices:
  • OP per square foot:
  • June 2008 price per square foot:
  • Transfer charges on resale:
  • Telephone: +971-4-3212120 (High Rise Properties)
  • Website: www.highrise-re.com - highrise.ae takes you to the same website (no information about Emirates Flag project when checked 14 July 2008)

Other facilities and information

Each of the 7 blocks in the Emirates Flag Development will be themed around one of the emirates (Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al Khaimah - RAK, Sharjah, Umm Al Quwain - UAQ). Each block will have a residential, office and hotel accommodation - an October 2006 press release said these would be 3 separate buildings with 400 studio, 1, 2 bdrm apartments, a 350 room 5 star hotel, and a 25 floor commercial office tower. Some of the blocks will jut out into the sea (3 according to the artists impression - RAK, Dubai, Abu Dhabi themed buildings) so a few residents will get wet feet. A marina is also part of the Emirates Flag development.

High Rise Properties said they would provide a hovercraft service, or Water Jet taxis, between RAK and Dubai.

DubaiFAQs.com pages with related information


Please reply to this topic with relevant information and this first post will be updated. If quoting this post, please remove unnecessary information. Thanks :)

In general, for all UAE property developments, information given here is usually based on information supplied from press releases, media reports, company marketing, and may not be independently confirmed. Unit sizes are unlikely to be vastly different but layout and design could change. Actual completion date could be months or even years later than promised delivery dates.
Please use the forum for questions, not the PM system.
shawarma
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Joined: 27 Sep 2007, 00:39

Emirates Flag cancelled?

Postby shawarma » 14 Jul 2008, 08:59

Emirates Business 24-7 (a UAE newspaper) broke a story on 10 July 2008 that the Emirates Flag project may not go ahead, based on comments from an unnamed senior RAK Government official.

Elie Matta is the Managing Director of High Rise Properties, the Emirates Flag developer. Mr Matta said the project had been delayed, and they were looking at other options - maybe moving the project to another emirate. Emirates Flag joins Palm Springs in Dubai, Salam City in UAQ and Princess City in Ajman, as projects in the UAE this year that have been reported as delayed or cancelled. But in this case, the developer hasn't launched apartment sales yet so you could argue that everything is being done in the correct order i.e. first get all the relevent permissions, complete the studies, make sure it's feasible, make sure power and water connections will be available, and then go ahead and sell units off-plan.

"The project is under study and evaluation. We will not go ahead if it is found to be not feasible," the official said.

"The project has been delayed after the urban planning department found it did not fit the new master plan. We are looking at other options for relocating the project, but no decision has been taken yet." According to Matta, the company had levelled the land and tested the soil for the project, but had not pre-sold any phase.

"Therefore there is no investor money involved. Moreover, we have reached an amicable settlement with our partners," he added.
Please use the forum for questions, not the PM system.
shawarma
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Posts: 3451
Joined: 27 Sep 2007, 00:39


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