Arabtrec gets US $680m la Hoya Bay project
UAE-based Arabtec Holding PJSC has signed an accord with Khoie Properties for the construction of the La Hoya Bay Development on Ras Al Khaimah?s Marjan Island.
UAE-based Arabtec Holding PJSC has signed an accord with Khoie Properties for the construction of the La Hoya Bay Development on Ras Al Khaimah’s Marjan Island.
The total value of the project is estimated at $680 million (AED 2.5 billion) and it will be built in phases over 54 months, Arabtec said in a statement.
Construction on the project’s first phase, valued at $245 million (AED 900 million), will start immediately after a financing agreement is signed. The agreement is now in its final stages, reported Bloomberg Business.
La Hoya Bay Development, which will be built on 1.5 million ft² of land on the man-made island, is designed to include homes, hotels, offices, retail space, three marinas and a yacht club. The project will have 5.5 million ft² of built up area, Arabtec said.
