Zaya to complete Nurai island by end of 2010

Dubai: Construction on the Dh3 billion luxury island, Nurai, in Abu Dhabi is being accelerated with the hope of finishing before the end of 2010, according to developer, Zaya.

Dredging is 80 per cent complete and foundation work is set to start on February 8, said Nadia Zaal, co-founder and chief executive of Zaya.

Construction is being accelerated to be completed before the planned completion date of December 2010.

"It's not inconceivable. Times are tough but at Nurai, things are being executed," Zaal said.

Zaal was speaking to local media in the garden of Zaya's new sales centre in Dubai about Nurai and the future plans of the company.

"One positive thing out of the credit crunch is that land is available around the region at very good prices. We're still looking to acquire land and make investments this year," Zaal said.

The current market correction a is good thing for the real estate industry as a whole as it will force companies to go back to basics, Zaal added.

So far, around 70 per cent of Nurai has been sold, signalling success of the development.

"Construction of units that haven't been sold out, should stop and [developers] should just concentrate on projects that have been sold," Zaal said.

Zaya is set to launch Zaya Retreats soon, which will be a resort management company, as there is a definite market for this, Zaal said.

The company is looking to Oman, Egypt, Jordan and the Seychelles for possible management contracts.

Whereas Dubai has slowed down work on certain projects in light of the financial situation and perhaps aiming in the future towards the mid-income market, in Abu Dhabi, it's a very different story.

"There [Abu Dhabi] is a strong cultural twist and they are trying to be more understated. The important thing to remember is the government [Abu Dhabi] is still spending a lot of money and the simple fact is, money brings money. So there are private entrepreneurs that want government contracts," Zaal explained.

Nurai will be made up of 50 water villas, 31 beachfront estates and a 60-suite hotel.

The three-bed water villas are all 5,540 square feet and cost a cool Dh30- to Dh40 million.

The 31 beachfront estates are divided into five-bed seaside villas and six-bed shoreline villas, and, if you have the cash to splash, range in price from Dh60- to over Dh100 million.

There will also be three restaurants, a private helipads, marina and spa.