Developer awards Dh400m of contracts for Mina Al ArabPublish Date: 2010-01-03 23:00:10 Story Code: 24046 RAK Properties, Ras Al Khaimah’s largest developer, has awarded Dh400 million (US$108.9m) of construction orders for 20 buildings in its Mina Al Arab development. The contracts are part of the third phase of the development, which has suffered delays as a result of the fall in property prices. The developer sold about 80 per cent of this phase of the project in 2008 when it was launched at the property market’s peak. “Property values in RAK have fallen significantly, and we think pricing in the secondary market is currently around Dh525 per square foot to Dh575 per sq ft,” said Chet Riley, an analyst at Nomura Securities, recently.
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