Arabtec has announced that it has signed a contract to construct the La Hoya Bay project at Ras Al Khaimah, worth about $680mn (Dh.2.5bn).
The project, located on Marjan Island, will be constructed within five years, with the first phase set to begin immediately.
The La Hoya Bay project has so far met delays, as it was launched amidst the global recession and downturn in the Dubai real estate market.
Rakeen, the RAK-owned real estate firm, took over custody of La Hoya Bay's parent firm Khoie Properties when it became insolvent.
Arabtec said that the project will be completed within two and a half years and that the first phase of the project, worth Dh.900mn will begin immediately.
The project will comprise five mixed-use elements, apart from external landscaping works. The Sector A (LA Hoya Residences) will include seven residential buildings and recreational amenities; Sector B (La Hoya Bay Business Village) comprising offices with free zone status, apartments and retail space; Sector C (LA Hoya Bay Regency) which includes a European Village consisting of 12 residential buildings a 200-room hotel and retail space; Sector D (La Hoya Bay Autumn Leaves) which include premium service apartments with medical amenities, private yacht, and community centre for the semi-retired, and Sector E (La Hoya Bay Bermuda Hotel and Apartments) which consists of 800 quality condominiums, a 300-room hotel and yacht club.
The external works include landscaping, swimming pools and three marinas, all spread across gross built-up area of around 5.5mn sq. ft.
The Chairman of Khoie Properties, Frank Khoie, said that the project will help Ras Al Khaimah in its effort to grow into a destination of quality waterfront and resort environment living.