NewsKempinski Residences at Palm Jumeirah ready for handover
Luxury units at Palm Jumeirah are ready for handover within next month. The Kempinski Residences, developed by Emerald Palace, comprises 260 private residences, townhouses and penthouses, including 20 grand villas set within the hotel’s landscaped grounds. More than 240 residential units were sold...
Khoie says La Hoya Bay-investors can claim refund
Khoie Properties arranged a meeting on Friday at their office in Dubai for investors in La Hoya Bay. Investors in the much delayed project have experienced multiple delays, rumours about an insolvent developer, the CEO being placed in jail and the project being taken over by the Government of Ras Al...
Buyer awarded refund for off-plan investment
An investor in the Niki Lauda Twin Towers in Dubai was recently awarded a refund by Dubai Courts. Ron Oakley, a British investor, bought two units in the off-plan project launched by the german developer, ACI, in late 2007. In March 2009 he filed a lawsuit against ACI, trying to recover his investments...
Buyers in Ivory Towers fear money is gone
The much-delayed Ivory Tower in Dubai has come yet another step closer to cancellation as development has stopped and consultants are called back to Sokook’s offices in Deira. The tower is nearly two years behind schedule and buyers now fear their investments is long gone and never to be seen again. Ivory...
Frank Khoie freezes La Hoya Bay
Frank Khoie, the jailed developer behind the US$800 million (Dh2.93 billion) La Hoya Bay project in Ras al Khaimah, has withdrawn his consent to let the Government of the emirate develop part of the project. Speaking from his cell, Khoie told The National that he now requires dismissal of charges as...
Construction begins on Louvre Abu Dhabi
It’s been in the planning phase for years, and now the much-discussed Louvre Abu Dhabi is finally becoming a reality. Today, construction officially began on the cultural complex on the Persian Gulf city-state’s Saadiyat Island. French President Nicolas Sarkozy and Sheikh Mohammed bin Zayed...
Dh5bn expansion of Khalifa City approved
The Urban Planning Council of Abu Dhabi yesterday approved a Dh5bn expansion of Khalifa City A, making the district grow from 7,000 to 53,000 residents by 2030. The plan includes the building of 4,500 villas, 100 apartments, 30 schools and 30 public parks, as well as shops, hotels and a medical compound. Uwe...
Legal actions taken against Khoie
Only a day after the chief financial officer of Khoie said the company was insolvent, Khoie Properties says it is unable to meet a $15m payment to the government of Ras Al Khaimah for the $800 million project La Hoya Bay. ‘Following last year’s credit crunch and its impact on the UAE’s...
List of ten Abu Dhabi projects worth $208bn
The organisers of Abu Dhabi revealed today a top-ten list of the most prestigious projects in Abu Dhabi. On the list are new cities, man-made islands and a light rail system. Despite the economic downturn, Abu Dhabi has been financially prudent and its sovereign wealth fund is estimated at $328bn. According...
Khoie Properties ‘insolvent’, says CFO
Khoie Properties, the developer behind Dh2bn La Hoya Bay which was sold to Rakeen last week, is insolvent its Chief Financial Officer said on Saturday. La Hoya Bay is located on the man-made island of Al Marjan in Ras al Khaimah and was sold to 800 investors, of which 50 % are from the UK. The investors...
