RAK Properties PJSC, the developer that built Ras Al Khaimah’s first manmade islands, expects to collect at least 1.74 billion dirhams ($474 million) this year as buyers of completed properties make final payments.
The company will complete 3,073 apartments, villas and offices this year starting in February, Chief Executive Officer Mohammed Sultan Al Qadi said in an interview this week. Most buyers have already paid 45 percent of the value of properties they purchased before groundbreaking began, he said. They must complete all payments before getting their keys.
“Our worst-case scenario would be to have only 60 percent of buyers make their final payment,” Al Qadi said. “We expect the balance to be settled this year and that is a challenge.”
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