RAK La Hoya Bay Will Take 16 Months To Complete

The La Hoya Bay project in Ras Al Khaimah will take 16 months to complete from the date the go-ahead is given by the court. Khater Maassad, executive chairman of Rakeen, said that while other projects are going ahead as planned, La Hoya Bay was a "separate case". "We will definitely try to complete it once we receive the order from the courts& 16 months from the date the court gives us the order," Maassad said during a Cityscape discussion. All concentration in the emirate is now focused on Marjan Island, where infrastructure work is now going on, such as water, electricity and bridges. Around 60 per cent of the development has been sold. Six projects are under construction there and due for completion by the end of 2010. Around 12 projects are under approval or in the design approval stage and at least five projects will start construction soon.

While details about the five projects are still unknown, Maassad said they were being built by private developers from Abu Dhabi, Sharjah and Germany among others. Prices and rents have held up relatively well in Ras Al Khaimah due in part, said Maassad, to the fact that the emirate is concentrating on industrial investments. Real estate contributes just 10 per cent to the emirate's economy. "I don't want real estate to go high because I want it to [remain] a cost-effective destination& it is a good investment because there is demand for the projects. There is not much difference in prices of real estate& and no empty apartments in Ras Al Khaimah," Maassad said. Prices were around Dh1,500 to Dh1,800 per square foot earlier in the best locations. Two to four years ago, prices were around Dh70 per square foot and now they are Dh1,100 per square foot.