Joint Developers Select Property Group Award the First Ever Construction Contract on Al Marjan Island

Dubai, Ras Al Khaimah, August 2008: The Dubai-based luxury residential property developer, Select Group, today announced it had awarded its construction contract to the Ras Al-Khaimah based Construction Technology Contracting. (CTC) for its Pacific project on the off-shore man-made development of Al Marjan Island.

Pacific valued at a total of 1 Billion AED, is a joint development of Select Group in partnership with the UK-based Select Property. It will comprise six contemporary, architecturally spectacular properties, each named after Pacific Islands.

Commenting on Pacific and awarding of the contract, Mr. Rahail Aslam, CEO of Select Group said: “Pacific is an exclusive water front project, one of our first developments in the Northern Emirates of Ras Al Khaimah in partnership with the UK-based Select Property. The contract has been awarded to CTC after careful evaluation of their capabilities and we are convinced that they are the right construction partner for the project which is due for completion in 2011.”

“Pacific has been conceived in the backdrop of increasing investment interest in the realty sector of Ras Al Khaimah promising attractive return on investment. Our projection for Pacific is to deliver 20 per cent capital appreciation per annum and rental yields of 10 per cent,” he said, adding that Al Marjan Island is similar to Palm Jumeirah in Dubai, which has rewarded its investors with returns in the range of 400 to 500 per cent since the launch in 2002.

Together, the project will be spread across 25,300 square metres on the top isle of Al Marjan Island offering panoramic views of the Gulf and the natural surroundings of Ras Al Khaimah.

Designed by award-winning architects JRHP, Pacific will consist of studios, one and two bed room apartments, Duplexes, Pacific Suites and Gulf Suites. The price of units will start from AED 582,230 for a studio, AED 777,398 for one-bed room apartments, AED 946,904 for two-bed Pacific Suites and AED 1,214,369 for two-bed Gulf Suites. All properties benefit from a private beach and five star amenities, including rooftop infinity pools, health club, spa, 24-hour security, maid and concierge service.

Select Group and Select Property were the first company to offer investors the security of a self imposed Escrow regime with a 15 year payment plan. This unique payment plan ensures easy instalments for all investor categories.

“Right from the official announcement investor enthusiasm for Pacific has been tremendous and with the appointment of CTC, construction is all set to start targeting handover on time. We are also proud of the fact that we are the first developer to award a construction contract for a project on Al Marjan Island,” Mr.Aslam said.

CTC, established in 2005, is one of the leading contractors in Ras Al Khaimah with expertise in both design and construction. “We have been able to gain an excellent reputation in finishing the projects assigned to us to the highest standard and within the development schedule of the project. We look at Pacific as a significant addition to our portfolio,” Mr. Waddah Bassmaji, CEO CTC LLC said.

The projects awarded to CTC include the contract for the entire Ras Al Khaimah Free Trade Zone (RAKFTZA) and the expansion of the Hilton Ras al-Khaimah Resort and Spa, among others.

News submitted by Helen Cotton, Select Property Group