La Hoya Bay Residence, a new waterfront luxury development, was launched in Ras Al Khaimah this week.

The La Hoya Bay development is being built at the cost of Dh2,938 ($800 million) and phase one will consist of 725 new apartments.

Frank Khoie of Khoie Properties said: "When I first visited Marjan Island on Ras Al Khaimahs beautiful white beaches for the first time I could not help but see the potential of developing a world class luxury residence. Just like Monaco, Cannes and other beautiful resorts and residence around the world, we are creating more than a development - we are creating a lifestyle and standard of living that combines natural beauty, a premier location, the highest level of sophistication and only 45 minutes from Dubai.

" Marjan Island is indeed a magnificent feat of engineering envisioned by the RAK Investment Authority under the patronage of the Government of Ras Al Khaimah. Only 45 minutes from Dubai International Airport and 15 minutes from RAK International Airport, La Hoya Bay Residence is the perfect location for either a permanent home, a weekend get away or a wise investment."