- Ground breaking event takes place a mere 2 months after launch - UAE construction project record?
(Dubai, United Arab Emirates) – Saturday, November 11th, 2006 – Khoie Properties, the developers behind the La Hoya Bay Residence, the new experience in waterfront luxury and quality lifestyle, launched on Marjan Island, Ras Al Khaimah, have announced that construction of their USD 800 million project has already begun. This latest development comes only two months after the initial project launch by his H.H. Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, back in September.
The occasion was marked by a “Ground Breaking” ceremony which took place on Marjan Island, the site of the development, on Thursday and was attended by senior dignitaries from RAKIA (Ras Al Khaimah Investment Authority) as well as RAKEEN, the private joint stock property establishment in charge of master developments on Marjan Island. The USD 180 million phase one of the six phase development consists of 725 freehold studio, one, two and three bedroom apartments and on site leisure amenities and is due for completion in March 2008. The appointed contractors are Torque L.L.C. the established UAE company specialising in advanced foundation, marine structure and shoring works.
Mr Frank T Khoie, Chairman and CEO of Khoie Properties, commented on the launch, “We are both delighted and proud of commencing work on this project in such quick procession after the launch. This was a landmark occasion for us as it inaugurates the start of a dynamic construction period that will see the project successfully through to completion. It also acts as a clear indicator that the project will be completed on time and delivered to our buyers to the highest quality and standards.”
With magnificent sea views, the Mediterranean style development encapsulates the spirit of sought after Riviera style living with the advantage of all year round weather, but situated in the heart of the Middle East. It also provides both buyers and investors from all over the UAE an alternative waterfront residence and weekend retreat.
Dr Imad Haffar, COO of RAKEEN said “Ras Al Khaimah is experiencing an unprecedented boom and becoming a highly attractive destination for tourists, businesses and investors alike. This is a visionary Emirate with a progressive pro-business government that encourages investors from a wide gamut of industries such as tourism, manufacturing, engineering, commerce, leisure and recreation. With a highly developed structural and logistical infrastructure, coupled with an advanced legal system, Ras Al Khaimah is on a bold and sustainable track to becoming the place for the perfect work-life balance.”Only 45 minutes from Dubai, the charming, tranquil and luxurious waterfront apartments of the La Hoya Bay offer the ultimate in contemporary living, with Smart Home technology, multiple security systems, professional house keeping service and a 24/7 concierge to attend to resident’s every wishes. The development also places great emphasis on leisure and recreation with water front restaurants and coffee shops, a five star health club and spa, on site tennis club, and temperature controlled swimming pool. Residence will also enjoy a free lifelong membership to the La Hoya Bay Golf Club, an 18-hole golf course. For buyer’s convenience, there are several attractive financing schemes available, including a 75% package, available through major banks who will provide flexible payments terms.
