An Artist's impression of La Hoya Bay Residence

• 800 million USD development - second phase to be completed by March 2008
• Phase 2 to include 269 freehold apartments located on Marjan Island

( Dubai , United Arab Emirates ) - November 29, 2006 - La Hoya Bay Residence, the new experience in waterfront luxury and quality lifestyle, today announced the launch of the second phase of the picturesque coastal development of Marjan Island , Ras Al Khaimah. Anticipated to be the ideal weekend getaway, second home as well as wise investment, the Mediterranean style development will be conveniently located for the newly expanded airport and only 45 minutes on the Emirates Road from Dubai

Phase two comprises of 269 freehold apartments ranging from studio to three bedrooms with floor areas of between 538 and 2,120 square feet . In addition there will be a release of a further 302 apartments from phase one making that a total of 571 apartments being released for sale. Apartment prices range from 412,000 AED to 1,620,000 AED, and they include features such as multiple security systems, state of the art intelligent home automations, and energy efficient building systems. The gated community offers residents the charm and tranquillity of island living with all the amenities and convenience of a contemporary lifestyle on the residential and commercial site.

Frank Khoie, Chairman and CEO of Khoie Properties, the developer behind La Hoya Bay Residence said, "It is expected that the launch of phase two will be met with the same positive response as phase one, as it offers buyers a good investment opportunity as well as flexible payment terms and finance packages to suit all. Not only will this project be the desired holiday destination in the GCC but it will also put Ras Al Khaimah, on the world map of luxury resorts, on par with the likes of Monaco and St Tropez".

The project focus is on leisure and lifestyle with waterfront restaurants and coffee shops, temperature controlled swimming pools, tennis courts, a five star health club and spa as well as year round water sports. Commissioned on prime island real estate land, with pristine white sandy beaches, the second phase is scheduled for occupation by December 2008.

The purchase of apartments of La Hoya Bay Residence is now available to the public and will be showcased at the Cityscape Exhibition on December 4 - 6.

Further details of the development can be obtained from www.lahoyabay.com or www.khoie.com