Khoie Properties, developers of the luxury waterfront development La Hoya Bay Residence, at Marjan Island, recently launched the construction
of their $800 million project.
The latest development comes only two months after the initial project launch by Shaikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy
Ruler of Ras Al Khaimah, in Sep-tember.
The $180 million phase one of the six phase development consists of 725 freehold studio, one, two and three bedroom apartments and
on site leisure amenities and is due for completion in March 2008. The appointed contractors are Torque LLC.
Frank T Khoie, Chairman and CEO of Khoie Properties, said: "This was a landmark occasion for us as it inaugurates the start of
a dynamic construction period that will see the project successfully through to completion. It also acts as a clear indicator that the
project will be completed on time and delivered to our buyers to the highest quality and standards."
With magnificent sea views, the Mediterranean style development encapsulates the spirit of sought after Riviera style living with the
advantage of all year round weather, but situated in the heart of the Middle East. It also provides both buyers and investors from all
over the UAE an alternative waterfront residence and weekend retreat.
Dr Imad Haffar, COO of Rakeen, developers of Marjan Island, said: "Ras Al Khaimah is experiencing an unprecedented boom and becoming
a highly attractive destination for tourists, businesses and investors alike. This is a visionary emirate with a progressive pro-business
government that encourages investors from a wide gamut of industries such as tourism, manufacturing, engineering, commerce, leisure
and recreation. With a highly developed structural and logistical infrastructure, coupled with an advanced legal system, Ras Al Khaimah
is on a bold and sustainable track to becoming the place for the perfect work-life balance."
My first connection with the La Hoya Bay project served to establish Frank Khoie as a both a gentleman and a Samaritan. I place the
latter mantle on his shoulders on the basis that as the Chairman and CEO of a company about to launch a project, of which the first
phase alone represents an investment of a cool US$180 million, then I would presume that he had more pressing affairs of state. However,
he saw fit to personally rescue this particular hack from deepest darkest Al Quoz; where I lay marooned in a black four wheel drive,
possessed of an air conditioning unit that was no more, during the last week of July with the Mercury teetering in the region of 50
degrees Celsius. The last sentence I fear is of Dickensian proportions but it says it all.
Well having finally dispelled the mirage, my arrival at the oasis of Khoie Properties office came none too soon. Sixteen glasses of
water later, which may smack of a fisherman’s tall story on the dimensions of his catch but is nevertheless true, I was in a suitably
hydrated condition to be educated. Noting that my temporarily glazed look had dissipated, Frank commenced to unravel the intricacies
of a magnificent project. One has to say that even from an aerial perspective Marjan Island is both beautiful and shapely and La Hoya
attracts a perfect ten for positioning.
La Hoya Bay Residence is the first phase of the La Hoya Bay development. Phase one embraces 725 freehold studio, one, two and three
bedroom apartments. Floor areas are between 538 and 2,120 square feet and prices range from AED412,000 to AED1,620,000. Not a valuation
of intergalactic proportions. La Hoya Bay Residence has already been ‘flagged out’ on the Marjan Island and the ceremonial
ground breaking is expected next month with completion of phase one scheduled for December 2007.
Unlike a number of projects that shall remain nameless, extraordinary emphasis has been placed on the planning process, no doubt on
the basis that if one is investing in this league there is no latitude for erroneous judgement. The master planning of the Marjan Island
alone stretched over a period of 18 months, but as Frank rightly says “I could not dance if there was no stage”.
The optic nerves are glazing over again, but in the manner of a stranded rabbit hypnotised by the glare of the head lamps, for Frank
has by now irrevocably warmed to his theme.
“When I first visited Marjan Island on Ras Al Khaimah’s beautiful white beaches for the first time I could not help but
see the potential of developing a world class luxury residence. Just like Monaco, Cannes and other beautiful resorts and residences
around the world, we are creating more than a development – we are creating a lifestyle and standard of living that combines natural
beauty, a premier location, and the highest level of sophistication and only 45 minutes from Dubai.” Indeed he also casually drops
into the conversation that a couple of existing residents of the Principality of Monaco, which happens to be the second-smallest independent
state in world, is there a moral here? – have decided to relocate to his Ras Al Khaimah hideaway.
Neither the leading man’s fervor nor his pace of delivery diminishes, “Marjan Island is indeed a magnificent feat of engineering
envisioned by the RAK Investment Authority under the patronage of the Government of Ras Al Khaimah. Only 45 minutes from Dubai International
Airport and 15 minutes from RAK International Airport, La Hoya Bay Residence is the perfect location for either a permanent home, a
weekend get away or a wise investment.”
We swing enthusiastically back to La Hoya Bay Residential amenities and by this time I am jumping up and down with the same level of
intensity as our illustrious Chairman and CEO.
Exercise, yes I undoubtedly need some. Five star health club and spa, on site tennis club, access to Al Hamra Village Golf Course,
jogging paths, 4 outdoor temperature controlled swimming pools and children pools plus private beaches and other recreational zones.
Health and safety, well they were never high on my list as a student, but the years have rolled on. There is an on-site medical clinic
and multiple security systems; I feel better already.
Yes and appealing to my greener side an energy efficiency building system.
Well I suppose that a chap has to pay for all this indulgence at some point in time? There is a 75 per cent financing package available
through major banks that will provide flexible payments terms and last but not least in order to pay the major banks within these flexible
payment terms- there we have it, an ATM machine – for your flexible friend. Brilliant.
The story so far is intriguing if not a little romantic and I intend to chart the evolution of La Hoya Bay as the milestones unfold,
however I feel an overdose of midnight oil trickling into my reporter’s schedule. Why do I think that? I leave you with my last
message from Chairman Khoie. “Dear Andy, Thanks for everything....we are overwhelmed with work and loaded with much the same on
your side.”
multiple security systems
When I visited Marjan Island in Ras Al Khaimah’s beautiful white beaches for the first time, I could not help but see the potential
of developing world class residential and leisure facilities, the likes of Monaco, Cannes and other resorts and residences of southern
shores of Western Europe. Marjan Island is a magnificent feat of engineering envisioned by the RAK Investment Authority under the patronage
of the Government of Ras Al Khaimah. It could also be the location of your new primary residence or holiday home.
Some decisions we do not hesitate. After choosing the best possible location on the island and acquiring over 1.4 million square feet
of prime land, we appointed our design team and embarked upon developing the most beautiful residential and commercial complex we could
imagine for our clients on this fantastic piece of waterfront real estate on Marjan Island.
We are now very proud to invite you to look at the results of our tireless efforts presented on this web page and select your unit
while they last. The planning stage of the project has been a joy for the dedicated group of professionals that make up the La Hoya
Bay team.
You will note that we have paid attention to every detail in designing the first phase of this great project. La Hoya Bay Residence
consists of 288 beautiful resort style apartments nestled in between turquoise waters of white sand beaches and the lush green landscaped
grounds tucked in a tranquil environment away from buzzing Dubai. For your leisure there are three swimming pools, tennis courts, restaurants
and shopping, all within the development. La Hoya Bay Residence is perfect for either a permanent home, weekend get away or a wise investment.
![La Hoya Bay - Al Marjan Island [Ras Al Khaimah] Photographs](images/la_hoya_bay.jpg)