La Hoya Bay-Al Marjan Island

Discussion in 'UAE Property' started by vanityfair, Nov 2, 2014.

  1. vanityfair

    vanityfair Member

    Invested in La Hoya Bay with two apartments in 2008.
    Just returned back to the UK from staying at Rixos Bab Al Bahr on Al Marjan Island. I was hoping to meet with Frank Khoie or one of his colleagues, however no answer from there phone number or emails. Very disappointing! Whilst I was on the island I noticed work had started on the La Hoya Bay site. This was not by khoie properties! The first site purchased by Khoie remains untouched. The second site where khoie bounced a cheque to RAKIA is being developed by someone else.

    I would be interested to hear from any other investors in La Hoya Bay.
     
  2. stokes

    stokes New Member

    Hi , good to hear a fellow voice out there .. I am an investor in the buisness village and I would love to know whats going on , I was kept in the loop on the investors forum a long time aga , it seem to split so would love to know whats hapening , I heard some investers got a court ruling that may see them getting action or funds from khoie . Thanks
     
  3. smiler63

    smiler63 New Member

    Hi, As far as I'm aware, there was a court ruling against Khoie, ordering that the land he owned was to be sold at auction. I'm not sure if this has happened yet or not. Wether or not anything will go back to the investors, is another matter, I guess. Any other news would be greatly received.
     
  4. vanityfair

    vanityfair Member

    The business village is currently being built on by another developer. This was the plot of land that Khoie bounced a cheque on so Khoie Properties do not own this part of the land. It has obviously been sold onto someone else. I went to RAKIA's office in November 2014 to get more information, however a representative of Rakia said that I should contact the developer. They could not give me anymore information. Quite unhelpful!
    The plot of land which Khoie does still own is for the first three buildings Seagull, Flamingo, Blue Marlin. The property market from what I have seen is significantly recovering so the project must be back to a viable proposition for financing.
     
  5. vanityfair

    vanityfair Member

    There is very little communication with other investors in La Hoya Bay. Very disappointed to see the investors forum close some time ago as it was a good way to keep in touch with other investors.
     
    Last edited by a moderator: Jan 24, 2015
  6. I am also disappointed that now there's little communications between investors but I guess we can utilise this site instead.anyway the real disappointment is the lack of any progress on LHB. Also no news Judicare ruling against Khoie.
     
  7. paparulo

    paparulo Member

    Anyone comments on last Khoie proposal made a week ago ?
     
  8. paparulo

    paparulo Member

    Dear La Hoya Bay sufferers: did you receive the questionnaire from Smart Real Estate announced by Frank Khoie a couple of weeks ago?
     
  9. terryjones

    terryjones New Member

    terryjones

    I also had a questionnaire to complete. Do we know the outcome yet?
     
  10. paparulo

    paparulo Member

    I called the real estate company 48 hrs after the announcement by Khoie, as I had not received the call. The people at the r.e. office confirmed that the agreement with Khoie was no longer valid - only 48 hrs after !!!!
    Here we are again at the starting point.
    p
     
  11. Apriltucker

    Apriltucker New Member

    Investor

    I have purchased a one bed apartment on la Hoya bay and have been asked by Kohie to transfer to the project in Dubai. I just wondered what other investors opinions were on this. I had lots of faith in the project but it now looks bleak :(
     
  12. vanityfair

    vanityfair Member

    Any news on la Hoya bay project, or khoie properties.
     
  13. Apriltucker

    Apriltucker New Member

    I have tried calling and emailing Kohie but no luck. I also called Rakheen and they said they had nothing to do with La Hoya Bay. Does anyone have any information?
     
  14. ayyazmirza

    ayyazmirza New Member

    TBH Investors should not be too concerned. Sure we lost 30% in deposit payments, but like myself many of us paid 50% more than what the properties would be worth even today!

    I'd love to get my deposit payments back too, but have got over it. Had La Hoya Bay completed, we would have been stuck with having to pay a balance 70% at a purchase price of around 1300aed psf.

    Take the 70% you were due to py on completion and you can buy a ready made property on the island with good sea views in Pacific or Bab Al Bahr.

    BTW, heres comes another crash, so maybe you'll wanna wait a little
     
  15. Hi,
    I am also a victim of Mr Frank Khoie. We bought a studio apartment in Seagull building. I tried to get in touch with the law firm in Dubai that handles this case Last week but have had no reply to my email.
    Have we had any news recently I am not aware of?
    Should we write our money off or should we still hope?
    thanks
     
  16. Wully-m

    Wully-m New Member

    Hi Marina, I'm afraid that your money is probably gone. Frank Khoie, despite his religious leanings, has proven to be a consumate liar and has caused suffering for hundreds of people who bought into his fantasy world. I emailed to ask for my money back and spoke of the genuine suffering that his actions had caused me and others like me and he replied saying, 'If you think you have suffered then I have suffered a hundred times more!' Thanks Frank but your's was self inflicted whilst my suffering was because I trusted a crook!
    I also feel let down by the RAK government who just allowed the project to die and its investors to suffer as a result.
    I'm pretty sure no-one has actually been paid any compensation and, like you, my emails are not acknowledged any more.
    Expensive lesson, but just move on.
     
  17. Hi Sandra and Scott,
    We are very interested in joining forces and hopefully see the light at the end of the tunnel. When are you planning to be in the UAE? Is there a plan of action? Can we get in touch with any of the investors who got their money back? please let us know. Colin and Marina Harris
     
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  19. vanityfair

    vanityfair Member

    I'm in Dubai next week and hoping to met Frank Khoie, desperate to know what the current situation is. No newsletters or correspondence for a while. I want to either draw a line under the project and put it behind me or look at seeking a possible way of getting my investment back. I am hoping to get time to look at other projects to potentially invest in, i.e Bab Al Bahr or Al Hambr. Will be looking at turn-key rather than off-plan though. Happy for any other investors to make contact.
     
  20. It would be good if you could advise us all if you manage to find any useful information. Thanks
     
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