Al Hamra, the Ras Al Khaimah master developer, plans to complete development of its 77 million square foot land bank within five years and is in talks to acquire more land, Group Chief Executive Benoy Kurien told Zawya Projects in an interview published on Tuesday.
The company has already developed about 90% of its land bank, which is centered on the Al Hamra Village master-planned community.
“We expect to have the entire Al Hamra Village master-planned community developed by 2030-31,” Kurien said. “We are already in discussions with partners and other entities within Ras Al Khaimah to acquire more land to develop.”
Al Hamra has about 2,600 units under development across four residential projects.
Waldorf Astoria Residences Ras Al Khaimah, a collection of 34 branded residences converted from part of the existing resort, is undergoing interior fit-out and is scheduled for delivery in the first quarter of 2028.
Al Hamra Waterfront, with 622 apartments in five towers, is due for phased delivery between the fourth quarter of 2027 and the second quarter of 2028. Aila Homes, a community of 210 townhouses, is expected to be handed over in the third quarter of 2028.
Al Hamra Greens, a podium development of 1,798 apartments, is expected to begin handovers in late 2028, with later phases extending into the second quarter of 2029.
The developer delivered more than 300 units by the end of 2025 and expects to deliver a further 262 units by the end of 2026. New launches are expected in the first quarter of 2027.
Kurien said residential projects are funded mainly through internally generated cash flow and off-plan sales rather than debt. Borrowing is generally reserved for hotels and shopping centers, and the company’s debt is currently very low, he said.
Al Hamra entered the Dubai market through a joint venture with Ellington Properties to develop Berkeley Tower, a Grade A office building in Business Bay. The company has also set up its own construction division, while relying on specialist subcontractors for mechanical, electrical and plumbing work and fit-out.
