Saturday, June 13, 2009

Nurai project on its way towards completion by December 2010

Zaya, the UAE-based real estate developer, plans to deliver on schedule (by December 2010), its Dh.3bn Island project Nurai, which comprises 31 high-end beachfront estates and 36 water villas,

The Chief Executive Officer of Zaya, Nadia Zaal, when speaking to media, mentioned that at present the project is a little ahead of schedule. The number of workers on the project will double over the next couple of months, from the current 200 workers.

The properties that are already sold by Zaya on Nurai are in the range of Dh.55mn to Dh.65mn. About 40 out of 67 units in the projects have already been sold. The top-most unit at Nurai will be sold for nearly Dh.100mn, though it won't be sold before completion of the project, Zaal said.

The owners of units at Nurai can even rent out the units, with service charges per unit rated as Dh.180,000 per year. There will also be a hotel project on Nurai, which would include 45 villas, the work on this will commence on September.

Located four kilometers away from the Saadiyat Island, the entire project management is managed by Zaya Retreats.

Zaal agreed that the Nurai project in terms of development area is 300mn square feet, and the project is financed by a group of banks. On completion, Nurai will have the latest spa, tennis courts, and movie theaters. Nurai is a luxury property known for its privacy.

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