Construction contracts for Khoie Properties' US $200 million (AED734 million) La Hoya Bay Business Village are expected to be signed at the beginning of April.
The project forms the second phase of the $800 million La Hoya Bay project on Marjan Island in Ras Al Khaimah.
Khoie Properties has received design approval for the development and is currently pursuing a building permit for the site.
Construction is scheduled to begin in April and will be completed by August 2008.
"We are in negotiations with a number of contractors for the project. We estimate that all of the contracts will be signed by early April, by which point we can begin construction," said Frank Khoie, chairman and CEO, Khoie Properties.
Khoie Properties has received approval from RAK Investments to provide freehold and free-zone status to the development.
The 46,452m2 La Hoya Bay Business Village will feature Mediterranean-style executive suites, equipped with the latest technologies, services and amenities, and be encircled by water. An on-site clinic, childcare facilities, IT and telecom services, virtual office services and video conferencing will also be on offer. Offices will range from 37m2 to 93m2.
Bauer Spezialtiefbau and Dutch Foundation have been taken on to carry out piling work for the first phase of the project, the $180 million La Hoya Bay Residence.
Khoie Properties was forced to terminate the contract with its original piling contractor after it lagged behind schedule. The work is now expected to be completed in December.
"We are highly committed to keeping to our deadline. We have already terminated the contract with one piling company for not keeping to their schedule," added Khoie.
The third phase of the five-phase project, La Hoya Bay Regency, will feature hotel apartments and is currently in the design stage.
CLICK HERE TO POST A COMMENT
| 3 stories
The race to build the tallest says much about the values of society. Should building tall be a source of pride?
When the authorities say that the air in our city is clean, we can all breathe a sigh of relief. Or can we?
Talk of the construction bubble bursting is never far, but Dubai has confounded doom-mongers.
Should the GCC nations be looking beyond traditional borders to plug its widening skilled labour gap?
Steven Miller encourages architects and clients to pay less attention to building 'icons'.
When it comes to dream projects, designing an island has to be pretty high up on the wish list.
SURVEYS & REPORTS
Print this page
Email this to a friend
Discuss this article (0 Comments)
zoom
Mobile
