Main package due on Hoya Bay

The main construction package for the second phase of the US $800 million (AED2.9 billion) La Hoya Bay Residence on Al Marjan Islands, Ras Al Khaimah will be awarded in the next two weeks.

“The contract will be awarded before the end of the year,” Frank Khoie, chairman and CEO, Khoie Properties told Construction Week.

“We appointed the piling contractor, Torque, last month, which is an established UAE company specialising in advanced foundation, marine structure and shoring works. We are currently negotiating with other major contractors for the main construction work and the short-listing process is still in progress.”

The Mediterranean style development will be located next to the newly expanded airport and only 45 minutes on Emirates Road from Dubai.

Phase one and two will comprise more than 1,000 freehold apartments. The entire project also includes a tennis club, waterfront restaurants and coffee shops, a five-star health club and spa, an on-site supermarket and shopping arcade, jogging paths, private beaches and other recreational zones and an 18-hole golf course.

The second phase is scheduled for completion by March 2008 with phase one scheduled for completion by December 2007.

“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,” added Khoie.

La Hoya Bay Residence is the first of four phases of a new residential concept on Al Marjan Island.

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