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Northern Emirates Projects in Ras al-Khaimah, Umm al-Quwain, and Fujairah



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Old July 3rd, 2011, 07:31 PM   #1601
izziere
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So many words and so little said. Buying time is so much cheaper than buying property.
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Old July 4th, 2011, 04:18 AM   #1602
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very true


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Old July 4th, 2011, 10:57 AM   #1603
marksageeza
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????????

then why not use the 27% remaining investors funds to kick-start the first block(s) to get it off the ground, then go from there... just playing the waiting game.
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Old September 5th, 2011, 07:13 AM   #1604
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La Hoya Bay investors can breathe sigh of relief

Around 750 investors in Ras Al Khaimah's stalled La Hoya Bay project can now breathe a sigh of relief as the project will now go ahead under the guidance of developer Rakeen.

http://gulfnews.com/business/investm...sigh_of_relief
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Old September 5th, 2011, 02:47 PM   #1605
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Quote:
Originally Posted by vaksa View Post
La Hoya Bay investors can breathe sigh of relief

Around 750 investors in Ras Al Khaimah's stalled La Hoya Bay project can now breathe a sigh of relief as the project will now go ahead under the guidance of developer Rakeen.

http://gulfnews.com/business/investm...sigh_of_relief
This is a very old article from September 2009 - no sighs of relief. Just of anguish.
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Old September 5th, 2011, 03:39 PM   #1606
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Quote:
Originally Posted by Monument View Post
This is a very old article from September 2009 - no sighs of relief. Just of anguish.
Christ - I nearly fell over when I read the earlier post!!! Can't be dealing with shocks like that!

I think in reality we're in the - "wear you down with rhetoric and monthly ranting until you give up and go away" - stage at the moment.

I wonder how many have already written this off and walked away - and how many will never walk away until they have: an apartment(s), their money back, - or another form of justice, as fair compensation for their loss and patience.
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Old September 8th, 2011, 01:30 PM   #1607
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Quote:
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This is a very old article from September 2009 - no sighs of relief. Just of anguish.
Oops, sorry, my fault.
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Old September 11th, 2011, 10:55 AM   #1608
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Quote:
Originally Posted by vaksa View Post
La Hoya Bay investors can breathe sigh of relief

Around 750 investors in Ras Al Khaimah's stalled La Hoya Bay project can now breathe a sigh of relief as the project will now go ahead under the guidance of developer Rakeen.

http://gulfnews.com/business/investm...sigh_of_relief
Any chance of sueing the Govt for false promises
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Old September 12th, 2011, 03:43 AM   #1609
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Any chance of sueing the Govt for false promises
Government? What Government? No such thing in this part of the world.
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Old November 7th, 2011, 06:56 PM   #1610
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Old November 11th, 2011, 11:54 AM   #1611
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Any update on this development chaps?
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"He who is not courageous enough to take risks will accomplish nothing in life" ,Muhammad Ali
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Old November 29th, 2011, 11:29 AM   #1612
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"Dear La Hoya Bay Stakeholders,
November 17, 2011


Each month It becomes more difficult to find the right words to give you a La Hoya Bay update, and yet still maintain my positivity and belief that somehow a return on your investment will be delivered. I have continued to press relentlessly for assurances from the RAK Authorities that an achievable delivery plan for Al Marjan Island is being worked out. Sadly no such assurances have been given. Without this I cannot give the necessary reassurance at this time to banks and contractors to raise enough confidence regarding the viability of the Island and the project to move us out of limbo.

Whilst I still believe that when the global financial crisis starts to see real signs of recovery Al Marjan Island will be a much sought after, and visited location, I am acutely aware that many of you are facing financial pressures and this long-term solution offers no real comfort.

To this end additional options are being considered, and we will be writing to every one of you directly in the next few weeks to give you more detail.

If you have changed your email address since our last correspondence with you, please advise Julia accordingly at julia@khoie.com

I remain committed to all La Hoya Bay customers, and will not rest until I have found a solution, which offers some light at the end of this very long tunnel.

May God bless you all,

Frank Khoie,
Chairman"
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Old December 1st, 2011, 09:02 AM   #1613
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it never going to happen with the rate things are going on in RAK
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Old December 18th, 2011, 10:58 AM   #1614
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To all La Hoya Bay Investors

Hello Everyone

I am a firm believer that sometimes no news is good news.

I have resisted posting on the forum for a while even though there has been a lot of behind the scenes activity going on, and which I feel will result in progress, However I need assistance now from like-minded people who share the opinion that the best way to get a return on this investment is to proceed to build, and who would like to take a more active role in moving this forward.

I respect everyone's right to seek their own remedy but many of us do not see the legal route as an option for a number of reasons - including cost, but in time I hope we can all come together and strengthen our position to restore our faith in RAK and the UAE.

Please can anyone who feels able to support and help email me on ashleymerry@btinternet.com or phone me on 07950 996014.

I look forward to hearing from you.

Ash
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Old February 4th, 2012, 05:37 PM   #1615
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La Hoya Bay - The Only Way is Build Group

Interesting to see that the investors have taken "ownership" of three towers are are looking to develop them themselves. An agreed payment plan and discount on purchase price being the way forward. We wish them well.
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Old February 5th, 2012, 02:35 PM   #1616
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Quote:
Originally Posted by SayNoToRAK View Post
Interesting to see that the investors have taken "ownership" of three towers are are looking to develop them themselves. An agreed payment plan and discount on purchase price being the way forward. We wish them well.
LOL -- if it was the "investors" that took real ownership it would be great i agree --but i'm told on very good authority that Mr Khoie is well behind this initiative just using some investors wo are cirrently "on the books" to front it -- if the RAK Govt had anything about them they would seize the land and gift it to the investors to REALLY build !!-- anything with Khoie involved will never succeeed with his track record
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Old February 5th, 2012, 05:59 PM   #1617
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The investors are only really interested to recover there money, hence it seems like the best option is to take over the land and build it themselves, this means that the investors would turn into developers and then have to sell the project at a profit to recover there own downpayments or what ever they paid.
Does not seem to be a viable soloution.

Rak - probably want more money
La Hoya - do not have it
Investors - are not paying any more because the project is not moving forward
Banks - not printing at the moment

Conclusion - Thanks for coming, it was business doing pleasure with you.
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Old February 6th, 2012, 06:05 PM   #1618
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Well I suppose they are doing something - whether it works or not why wouldn't you try to recover your investment. The problem comes when you look at the development numbers vs capital to build and even if the land was gifted things still wouldnt stack up.

Best solution would be for the RAK Gvt to underwrite the development or provide funds via the IDO - proving that they still have faith in AL MArjan. So no chance then ......
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Old February 10th, 2012, 08:42 PM   #1619
I Know
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Well it is a sad state of affairs, did you really think that rak would produce investment grade properties???

Due diligence, you can never do enough, it does not mean that a property frenzy is going on down the road that it will spread all over the place.


You need to look at the fundementals of what your investment was/is based on.

If it was a dream.

Then either you are still dreaming or have been having nightmares.


I am sorry to put it in that way, it is not my intention to upset anyone, however you should know that if you cannot recover your funds via litigation (if the developer has any funds) then you can probably forget about the payments already made and the project going anywhere soon.


The funds have been swallowed up by dumping sand in the sea and making it into a pretty shape.


.

Last edited by I Know; February 10th, 2012 at 11:02 PM.
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Old March 3rd, 2012, 04:11 PM   #1620
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Get yourself a lawyer...

Dear Valued La Hoya Bay Stakeholders, Seagull Block,
March 01, 2012

It gives me great pleasure to inform you that Khoie properties are beginning to mobilise plans to start the build of La Hoya Bay (subject to investor support), starting with Seagull in Q3 2012.

This letter is to canvas your support and to find out what your current status is with regards to this new development. As you may be aware, it is nearly impossible to secure project financing because of lack electricity and ready infrastructure on the island and the overall real estate market conditions, and based on your contracts whereby a deposit was paid at the beginning followed by the final balance being paid at the end.

The global economic crisis has had a detrimental effect on many businesses across the globe, and lending institutions are shying away from this activity at the moment. We will build La Hoya Bay, however, It will require the financial support of all of its investors, as there is no other option left to build.

What I would like to ask you is, if you could put aside past differences, and think about the future in a positive light. We are in a position to build this project now and would like to invite you to join us in our quest to make this project a reality and a fantastic place to live or invest. All we ask is that you make the ‘balance’ of your payments on a quarterly basis, linked to construction milestones. Your funds will be held in a TRUST account, and will be used to fund build related activity only, and this will be audited by an external body. If you are able to help, we would be grateful, if your circumstances are such that you are not in a position to make any more payments, then please let us know so that we can move you to another building or another phase, as we would not wish to terminate contracts without first offering you alternative options.

We all have waited so long for this day, it would be appropriate to find a mediated solution that is beneficial to all parties, so we ask you once again, please co-operate with us so that we might find a mediated solution.

Please email Khoie, ( altaf@khoie.com ) with ONE of the following choices:-
1. I am able to continue and would like to join the La Hoya Bay Build Solution
2. I am not able to continue and would like Khoie or TOWIB to find a mediated solution
3. I am not doing anything at all and would like my contract cancelled.
Please respond to this letter with URGENCY, as the final cut off date for Seagull documentation is the end of March 2012.
God bless you all,
Frank Khoie,
Chairman

How do you know they will complete the building - do they have enough funds - have they released the figures & have they been verified by an independent 3rd party - how many investors need to fully pay to ensure completion - even if they have a "Trust" account, what the hell does that mean - these can be emptied by "legitimate" payments before the building is off the ground - pay funds even though they admit there is no power or infrastructure - where has all the deposit money gone? Just cancel the project and let everyone get closure. Learn by our mistakes - our developer used up all the escrow account - they asked for additional payments even when they knew that these would not be sufficient to finish construction as most investors were long gone.

www.almarjanislandrak.com
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