Tuesday, March 06, 2007

Khoie Properties launches Dh.550m commercial development in RAK

Khoie Properties, the Real-estate developer, has launched a commercial development worth Dh.550 million, in a free zone area in Ras Al Khaimah (RAK).

The Business Park, La Hoya Bay Business Park covering 500,000 Sq.Ft. of space, is a part of the company’s La Hoya Bay master development program, which is a project treated as a weekend retreat from Dubai.

The commercial building with Seven Storey, consisting of retail areas and offices with sizes varying from 40,000 to 10,000 Sq ft, is due for completion by March 2008. The prices for office space ranges from Dh.750 per square foot to Dh.1400 or Dh.1600 for commercial spaces.

The CEO and Chairman of Khoie Properties, Frank Koie, mentioned that residences and office space for a budget conscious customer is no-doubt a vital requirement in the region, keeping in mind the exceptional growth of Ras Al Khaimah. However, this sector is very much under-supplied.

Khoie added that the company decided an early completion date for the project, and the offices will be resizable and can be sold fully furnished without any additional cost.

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