Business | Construction
Zaya to build Dh3b Abu Dhabi project
Real estate company Zaya has launched a Dh3 billion island project called Nurai comprising 31 beachfront estates and 50 water villas located four kilometres from the Saadiyat Island, its chief executive said on Wednesday.
- By Himendra Mohan Kumar, Staff Reporter
- Published: 00:04 July 10, 2008
Abu Dhabi: Real estate company Zaya has launched a Dh3 billion island project called Nurai comprising 31 beachfront estates and 50 water villas located four kilometres from the Saadiyat Island, its chief executive said on Wednesday.
|
"It's a luxury property that will be known for its privacy and exclusivity," Nadia Zaal told Gulf News. "Sales began in May this year. We have sold whatever we released. We are looking to release rest of the project in October this year."
The estates and villas are priced between Dh35 million and Dh110 million. There will also be a 60-room resort with room rates ranging from $3,500 to $5,000 per night.
Zaal said the Nurai project will have a construction cycle of two to two-and-a half years. The island can either be reached by a helicopter or by private yachts, although Zaya will provide pickup facilities for Nurai's guests on the Saadiyat Island. Nurai also offers a private helipad and marina with arrivals lounge, a fully-equipped spa and fitness centre, private beaches and water sports facilities.
"We will start levelling and marine works on Nurai from August 1. The construction work will be taken up from September-October this year and the entire project is scheduled for completion by December 15, 2010," said Zaal.
The Nurai project is Zaya's first and the company plans to make announcements on its future projects at Dubai's Cityscape in October.
More from Construction
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
