Ras Al Khaimah

Buyers in La Hoya Bay asked to resume payments

Khoie Properties, the developer of La Hoya Bay in Ras al Khaimah, has asked buyers to resume payments in order to continue the construction works. In return, Khoie offers a 25-35 per cent price reduction on the unfinished apartments. La Hoya Bay was originally scheduled for completion in 2008, but the... 

Khoie and Arabtec sign Dh2.5bn La Hoya Bay deal

A memorandum of agreement (MOA) for the construction of La Hoya Bay Development in Ras Al Khaimah was signed yesterday between Khoie and Arabtec. The total value of the project is estimated at 2.5 Billion Dirhams to be constructed in phases over the next 54 months. The first phase of the project valued... 

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... 

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Frank Khoie, the jailed developer behind the US$800 million (Dh2.93 billion) La Hoya Bay project in Ras al Khaimah, has withdrawn his consent to let the Government of the emirate develop part of the project.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... 

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... 

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...