Julfar
Towers is a residential and commercial freehold
development that will be built 4 kilometres (2.5
miles) north of Ras Al Khaimah's city centre. The
development’s name is in fact the ancient
name of the area of Ras Al Khaimah which was historically
known as “Julfar”. The AED 400 million
(US$ 109 million) project will comprise of two 40-storey
towers, one residential tower and one office tower.
The residential tower will offer 349 apartments
units from studios to four bedrooms deluxe flats,
as well as a limited number of exclusive duplexes.
In total there are six types of apartments. The
office tower will offer 468 office units of a variety
of sizes. Julfar twin towers will be built over
a three level podium of retail and food outlets.
Both towers will benefit from an advanced business
centre, a parking area to accommodate 1,500 cars,
a fitness centre and a kindergarten. Julfar Towers
will have breath-taking views of the creek, mangroves
and mountains, along with being minutes away from
the Manara Mall, Hilton Hotel, beaches and golf
club.
The main competitive advantages that Julfar Towers
will have are the freehold law and the payment scheme.
Indeed, by buying in Julfar Business Tower, you
will benefit from free zone status which means 100%
foreign ownership (no need for local sponsor for
your business), 100% income and corporate tax exemption,
and 100% Capital & Profit repatriation.
Investors will follow a payment scheme based on
construction, whereby they would pay divided amounts
of the total cost of their flat or office according
to the structural development of the Towers. The
payment scheme includes paying 15% upon booking,
10% upon signing the contract, 15% on completion
of structural work till 20th floor, 15% on completion
of structural work till 43rd floor, and the remaining
45% to be paid upon completion of the towers.
The project construction has started and is expected
to be completed by the first quarter of 2008. Prices
are starting from 110,000 Euros. Accordingly, Julfar
Towers offer a highly interesting investment opportunity,
for buyers who want to use their property either
as an investment or for their personal use.
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