Recently I heard a news that Arabtec has signed a memorandum of understanding for AED 2.5bn to construct the La Hoya Bay project in Ras Al Khaimah. Arabtec claims to complete the project with in five years. What do you think will they be able to complete the project in time or the project will get delayed? Not to forget that the developer of this project was arrested last year in January for cheque fraud written to Ras Al Khaimah Investment Authority.
Furthermore I would like to know the importance of this project for Ras Al Khaimah real estate market. How will it impact the Ras Al Khaimah property market if it gets completed in time?
I do think that bad experiences are to learn from and work better in the future. Regularization of real estate market and growing demand in spite of all the low occupancy rates do suggest that this project will be completed in time. They will have to complete the project in time and in a place like Ras Al Khaimah, it is a matter of standing and repute to abide by. And secondly, most of the properties are likely to be sold in advance because of the locality.
I am in my personal capacity very optimist about the time line completion and outcome of the project. Let's see what others say about it?
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