Escrow account requirements completed as properties in Pacific residences now available in investor-friendly payment plans

Foundation work underway for prime residential component of Al Marjan Island

Escrow account requirements completed as properties in Pacific residences now available in investor-friendly payment plans

July 14, 2009
Select Group and Select Property have announced that the final piling and layout are underway for the foundations of the Pacific, a prime residential development on Al Marjan Island, the first-of-its-kind man-made island in Ras Al Khaimah, as the Pacific remains well on schedule for its June 2011 expected completion date. The joint developers have likewise fully completed all construction requirements and complied with the escrow account regulations of Ras Al Khaimah Investment Authority (RAKIA), the government body responsible for the socioeconomic growth of the emirate, as properties within the exciting residential development are now being offered in various lengthy and attractive payment plans.

Pacific is located in a prime location at the top isle of Al Marjan Island, offering exclusive private beaches. The residential complex also features 24-hour security, rooftop infinity pools and health clubs, saunas, steam rooms and Jacuzzis. The development is equipped with a full range of complementary facilities and amenities, including several dining and shopping outlets.

Eng. Yehia Kambris – General Manager, RAKIA RERA said: "Maintaining a healthy pace of development is one of our key priorities, which is why we are closely and constantly monitoring the progress of the Pacific as well as the rest of the property developments on Al Marjan Island. RAKIA has also been coordinating with all developers to ensure that all properties are built according to the highest quality standards and specifications that we have set beforehand. At the same time, we are making sure to protect the interest of investors by strictly enforcing the escrow account regulations."

Rahail Aslam, CEO Select Group said: "Pacific will be one of the most exciting and relaxing residential destinations in the region, featuring a wide variety of contemporary residences within a delightfully landscaped beachfront community. The project will certainly be one of the key highlights of Al Marjan Island, complementing the growing reputation of Ras Al Khaimah as a fast-emerging lifestyle destination in the region. It has been a great advantage for us that RAKIA has been providing invaluable strategic support, which has contributed in the smooth transition of the various phases of development and has helped us stay well within the construction schedule."

Pacific consists of six contemporary designed residences: Samoa, Bora Bora, Tonga, Polynesia, Fiji and Tahiti, each offering panoramic views of the Arabian Gulf and the natural surroundings of Ras Al Khaimah. The residential complex will have a range of spacious studios, one-bedroom apartments, two-bedroom Beach Duplexes, Gulf Suites and Pacific Suites.

Each Beach Duplex is located on the ground and first floor, allowing residents to fully exploit Pacific’s beachfront location and also enjoy a private garden area. While the Pacific Suites offer views from a private balcony, the Gulf Suites are located at the tip of each residence.

Al Marjan Island is a pioneering development project that effectively extends the emirate's coastline by an additional 21 kilometres. Reaching some 4.5 kilometres into the sea, Al Marjan Island will feature a range of residential developments, hotels, resorts, recreational facilities and commercial and retail amenities.