Dubai-based construction major Arabtec has signed a memorandum of understanding with Khoie Properties for the construction of the Dh2.5 billion ($681 million) La Hoya Bay Development on Marjan island in Ras Al Khaimah, the company said on Monday in a statement on the Dubai bourse website.
It said the project, to be completed in two-and-a-half years (54 months), spreads over 1.5 million sq ft area.
“The first phase of the project valued at Dh900m will start immediately, as finance for the project is being finalised,” the statement said.
The project will comprise five mixed-use elements apart from the external landscaping works.
Sector A: La Hoya Residences: comprising seven residential buildings and recreational facilities.
Sector B: La Hoya Bay Business Village: comprising offices with free zone status, apartments and retail space.
Sector c: La Hoya Bay Regency, a European Village: with 12 residential buildings, retail space and a 200-room hotel.
Sector D: La Hoya Bay Autumn Leaves: comprising premium service apartments with medical facilities, private yacht club and community centre for the semi-retired.
Sector E: La Hoya Bay Bermuda Hotel and Apartments: comprising 800 quality condominiums and a 300-room hotel and yacht club.
External works: including landscaping, three marinas and swimming pools.
The gross floors built-up area would be around 5.5 million sq ft.
Frank Khoie, Chairman of Khoie Properties, said the project will help Ras Al Khaimah in its bid to become a destination of quality waterfront and resort environment living.
Arabtec Construction Chairman Riad Kamal said the project will add to the company’s long list of iconic projects developed and executed in the UAE.
/ Source: Business24-7.ae /
