The construction of the $800 million La Hoya Bay Residence project on Marjan Island, Ras Al Khaimah, has reportedly begun only two months after the initial project launch in September.
The $180 million phase one of the six phase development consists of 725 freehold studio, one, two and three bedroom apartments and on site leisure amenities and is due for completion in March 2008, according to Khaleej Times. The appointed contractors are Torque L.L.C.
The project's developers, Khoie Properties, marked the occasion with a 'ground breaking' ceremony which took place on Marjan Island.
The event was attended by senior dignitaries from RAKIA (Ras Al Khaimah Investment Authority) as well as RAKEEN, the private joint stock property establishment in charge of master developments on Marjan Island.
