Price of paradise

Tucked away in a secluded area of Abu Dhabi, just off Saadiyat Island, lies the exclusive island of Nurai. Soon to be home to some of the world's rich and famous, Nurai's beachfront villas can best be described as sprawling mansions; testament to developer Zaya's commitment to luxury. Close to a year before the elite hang up their clothes and throw their housewarming dos, took a trip to the island to scope the scene.

From the VIP pick-up service, complete with refresher towels and water bottles, to a five-minute trip on a speedboat, we might as well have been royalty during our visit to Nurai. Upon arrival, Nurai blows you away - at least the six-bedroom show villa our golf cart shuttles us to, does. Each villa will be mansion-like in size and grandeur. The beachfront villas range from five- to six-bedrooms and feature a private beach, garden, infinity pool, entertainment patio, outdoor dining area, chef and show kitchens and outdoor showers.

Although the development is only 45 per cent complete, it's not difficult to imagine how impressive it will look when finished in December 2011. Of the 49 residences on the island, 28 will be water villas, homes suspended both on land and water. Although we've only seen artists impressions of the water villas till now, Nadia Zaal, CEO of Zaya, assures us the first water villa show home will be open in September 2010.

The piece de resistance, however, will be a one-off villa that will occupy about 100,000ft² of land. "Upon completion, it will be auctioned off at a reserve price of Dh80 million," says Nadia. And she's talking recession prices. Pre-2009, news reports quoted the price at Dh100 million.

Recession, what recession?

Although the island development hasn't been as hard hit as many other projects, there has been an impact. The downturn has not affected Zaya as much as other developers, says Nadia, although since the launch, "20 per cent of clients have defaulted [due to] the financial crisis." As a result, 50 per cent of the homes are still on the market with construction ongoing.

Yet Zaya doesn't seem too worried. "Our priority is making sure the sold units are delivered on time," says Nadia. "We are not engaging in an active sales drive. We are concentrating on construction at the moment as we realise that it would be better to reduce Nurai in size and get it finished."

In effect, the number of the villas has been reduced to 49. The island's opening has been postponed by 12 months to December 2011. However, as per the original plan, the villas, spa, hotel and the internationally-acclaimed Café del Mar will open on the same day.

In addition to the project being scaled down, sales prices have also been reduced. Not that this is a bad thing. A few million off the original price-tag makes the villas all the more alluring. "Despite the current financial situations, there are strong signs that individuals with cash are still prepared to spend. With equity markets and structured investments adversely affected as a result of the credit crunch, high-end real estate remains the safest investment during the current financial crisis. Since Nurai was conceptualised on the basis of extensive research into the tastes, inclinations and desires of a high net-worth, cosmopolitan clientele, the demand for such a project will always be there."

Access: yacht or helicopter?

Nurai is 25 minutes by boat from the mainland or five minutes by speedboat from Saadiyat Island. Naturally, being as upmarket as it is, how can we write about commuting without mentioning how long it would take by helicopter from Abu Dhabi International Airport... 15 minutes. When flying over the island, you would surely notice the green carpet covering the roofs of the villas. "The green carpet gives the effect of space and an unspoilt island, which provides the utmost level of privacy and gives the feeling that you are integrated in the island's lush greenery," says Nadia.

Besides being luxurious, Nurai has environmentally-friendly features. There are no cars allowed on the island, only electric buggies and all the exterior lighting is from solar power.

And while Zaya isn't prepared to disclose the identity of its clients, media reports have claimed that villas have been snapped up by celebrities. Nurai is a "private piece of paradise," says Nadia, "designed to awaken the senses. Nurai is uniquely inspired by a desire to live in private luxury, offering every residence uninterrupted views, expansive spaces, innovative materials and exceptional amenities.

"In addition to the services and amenities provided by the luxury retreat, which include a floating marina with arrivals lounge for residents and guests, service access from the hotel, a private helipad, a celebrated luxury spa, a world class fitness centre and a multitude of water sports, each perfectly designed beachfront estate includes a private beach with unobstructed sea views, a private infinity pool, palatial entertaining areas, a cinema/multimedia room, an outdoor barbecue area as well as a gym, sauna and steam room."

It's a high-budget, low-density community. Villas are set far apart; door-to-door a distance of more than 30m; 25m for the water villas. And prices? Nadia concedes they start from Dh45 million for the beachfront villas. Indeed, Nurai is for the select few who can afford to pay the price for luxury.

Homes that match Nurai's starting price (Dh45M)