Posted by Neil King
Work has restarted on the Dh 3 billion La Hoya Bay project in AL Marjan Island, Ras Al Khaimah, after the developer confirmed the availability of new funding.
Khoie Properties, the real estate arm of Khoie Group, said that it is now planning to hand over the La Hoya Bay Residence and Business Village by December 2011, Emirates Business 24/7 reported.
Chief executive officer Frank Khoie also announced that the company's sales and marketing operations for the site have been active since June 2010, with sales continuing for the remaining 35 per cent of La Hoya Bay Residence and 60 per cent of La Hoya Bay Business Village.
As the newspaper observed, RAK Investment Authority is the owner of the Al Marjan Island Project, with RAK Court having appointed Rakeen as judicial custodian of Khoie Properties until the completion of La Hoya Bay.
"We are very bullish about Marjan Island in general and our La Hoya Bay project in particular, and are confident that from September onwards, our sales and re-sales will take off," commented Mr Khoie.
Meanwhile, Construction Week Online recently reported that Ras Al Khaimah-based RAK Ceramics is now the leading manufacturer in its field according to Ceramic World Review.