Ras Al Khaimah: Several real estate projects in Ras Al Khaimah are back on track with the most recent being La Hoya Bay project.
Khoie Properties yesterday said it has signed up Arabtec to build the project on Marjan Island.
"Construction started immediately on the date of signing the memorandum of agreement with Arabtec on July 24," Frank Khoie, chairman of Khoie Properties, told Gulf News.
The waterfront and resort project, valued at Dh2.5 billion, will be built in phases to be completed within four and a half years. The La Hoya Residences within the first phase valued at Dh900 million are up first. The second sector, the La Hoya Business Village will follow later.
The Ras Al Khaimah Investment Authority (RAKIA) is happy to see the project spring back to life.
"Khoie Properties came with a good proposal and will continue the project organising his finance through financing institutions. We're very happy with that, because we are keen to see this project completed so that people who have invested in the apartments with Khoie Properties don't lose their money," Dr Khater Massa'ad, CEO of RAKIA, said.
RAKIA, which is taking care of Marjan as master developer, has been working on the infrastructure of the 4 kilometre reclaimed island, worth $1 billion (Dh3.67 billion). This is due to finish by the end of 2011, Dr Massa'ad told Gulf News.
Four projects by private developers are under construction, including La Hoya Bay, Marbella Bay Residences by Manazil Real Estate and the Pacific by Select Property.
The fourth is government developer Rakeen's Bab Al Bahr. The six residential buildings shaped like an Aztec pyramid will be completed by the end of this year. The second phase, including a hotel, retail and offices, will start after handover next year, a Rakeen representative said.
Under design
"There are another 12 private projects under design some will complete next year, others have submitted their designs for planning approval," added Dr Massa'ad.
In 2008, Ras Al Khaimah announced 30 real estate projects in the emirate to be completed by 2015. Dr. Massa'ad told Gulf News than none, at least the government ones, had been cancelled. Government projects include Dana Island next to Al Marjan.
"Many investors into Dana Island preferred to be consolidated into Marjan so we stopped the project and shifted them all. We have sold 75 per cent of Marjan, some defaulted but we allowed them to consolidate, we understand that they may have some capital difficulties during these times," he said.
Mina Al Arab by RAK Properties is on track and delivery of the first batch of over 100 villas has started, he said. "Mina Al Arab is going ahead as planned although we've slowed down some of the hotels; there is a delay on one or two items."
Gateway City, including the RAK Convention Centre, an energy zero tower, hotels, shopping malls and more on Emirates Road will remain in design phase for another six months to a year, Dr Massa'ad said.
"It is a very big and complicated project, a new city. We will construct it depending on the financing of the project," he added.
Completed and lived in projects along the coast include the Cove and several phases of Al Hamra Village.
Al Hamra is to get some additional apartments, including Al Hamra Residences at the Palace hotel to complete by October. The Julphur Towers in RAK city are to complete sometime next year.
