Khoie Properties, the company behind the La Hoya Bay development in Ras Al Khaimah, has announced its intention to place up to 50 million shares at $10 each in a bid to raise funds for the project.
The Khoie Group, which has a $1.1bn property and land bank portfolio, said the proceeds of the placing will be used to fund the construction of La Hoya Bay and in part covering the balance of payment on its plots.
Phase one of La Hoya Bay, the 1,150,000 sq ft project is expected to cost between $110-$130m to develop La Hoya Bay Residence. Khoie Properties' share of this development cost is expected to be 50 percent.
In return for building the phase one of La Hoya Bay, including the Marinas and sea view restaurant, additional plots will be released to JV partner as part of the conditional development agreement with the new shareholder.
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