source AME Info
Rakeen, the development arm of the Ras Al Khaimah Investment Authority, said today it has been given control of an $800m development project previously managed by Khoie Properties. A statement by Rakeen said Khoie 'had become insolvent, defaulted on land payments and failed to deliver on its promise to buyers of units' in La Hoya Bay, a waterfront residential and leisure project in the emirate. Rakeen will remain custodian of Khoie and the La Hoya Bay development until the project is completed by another developer.
Wednesday, September 2, 2009
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