#PROJECT: NURAI ISLAND RESORT

[island_seeker]

Originally Posted by GeraldCroteau

Great hologram setup at cityscape. The water villas are set on stilts and sit in the water. The beach villas have a grass roof and blend right in to the terrain. There will be a resort and obviously not too much traffic on the island. Boat access only but they were flying clients out to the island in a helicopter during cityscape.

Gerald it is not boat only access, there will also be a helipad and i heard that a daily heli transfer is included in the purchase price.

[ardi]

Does any1 thinks they can sell at this situation?

[monymoe]

Originally Posted by ardi

Does any1 thinks they can sell at this situation?

do you think someone with 35-110m to spare is going to care about the current financial situation? those people pay cash, they dont look for mortgage and financing

[ysajnani@gmail.com]

Guys, i know someone who bought here and apparently the contruction is well on the way and ahead of schedule. Is it possible to get some update on the project? And also if the construction is on, then the thread needs to be updated to under construction. Can someone clarify?

[jerryareeckal]

Who is the main contractor and MEP contractor?

[dubai_guy]

The word around is that this development wont be built, as the external consultants have been laid off.

Does anyone have any further news?

[jerryareeckal]

Who is the main contractor?

[dubai_guy]

I just read the article in the gulf times about the launch of their Dubai sale office yesterday and wondered where is their sales office and what happened at the event?

[bizzybonita]

Zaya to complete Nurai island by end of 2010

January 28, 2009, 22:48

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.

http://www.gulf-news.com/Business/Co.../10279947.html

[island_seeker]

I heard that construction has started and they have put up a labour camp. I drove past on my boat last week and there were dredgers out there.

[must7]

Originally Posted by dubai_guy

I just read the article in the gulf times about the launch of their Dubai sale office yesterday and wondered where is their sales office and what happened at the event?

While visiting a friend in Emirates Palace hotel I unintentionally saw the Sales office of Nurai in the lobby. The person I met was Daniel Strutt - Mobile # 050 617 6074. I think in resale he was saying one can get the villa for AED 24 or 27 million ! I don't remember the figure as I cannot no way afford such a huge sum !

[ysajnani@gmail.com]

any update on this project?? Looking at the current scenario doesn't seem viable to continue with the project but I read the other day that the CEO Ms. Zaal is very bullish and says the construction is on time! Is this true? Can anyone verify?

[Bimcnorth]

Originally Posted by ysajnani@gmail.com

any update on this project?? Looking at the current scenario doesn't seem viable to continue with the project but I read the other day that the CEO Ms. Zaal is very bullish and says the construction is on time! Is this true? Can anyone verify?

The "current scenario" is that the Abu Dhabi stock market is on the up, that crude oil have jumped 60% since its $34 low and is currently trading around $54 meaning an extra $18bn profit on a yearly basis to Abu Dhabi alone.

Combined with a bit of deflated property prices we can assume that there is considerable demand as money looks for luxury and privacy.
As Moneymoe pointed out anyone considering buying here will not need to borrow...

[island_seeker]

Zawya:
Abu Dhabi, April 18, 2009 -


Nurai contractors on schedule to deliver luxury island in December 2010, promising healthy investment yields

zaya, the UAE-based boutique real estate developer, has confirmed the completion of the first Nurai home in May; notably ahead of schedule. The developer further confirmed that the project contractors are progressing on construction at a vigorous pace with an aim to stay firmly on track for delivery in December 2010.

"zaya is backed by the financial strength and experience of its joint-venture partners putting it in a strong position to face the challenges of the global property market," said Nadia Zaal, Co-Founder & CEO, pointing out that the project has remained on schedule despite the current industry slowdown.

"The zaya team stands confident in Nurai and remains committed to its stakeholders and to its promise of creating an ultra exclusive, innovative and sustainable living experience," she added.

Zaal also confirmed that STX Construction Company Ltd, the main contractor on the project, have been working aggressively on site over the past few months to make sure construction on Nurai maintains its current fast pace. STX is a part of the South Korean STX holding group and has extensive experience in building housing complexes as well as harbors and seaport cities
and overseas plants. They are currently also working on the construction of 65 buildings in the Special Economic Zone in Musaffah, Abu Dhabi,
Construction has progressed on schedule with mobilization work on Nurai started in August 2008. To date earthworks and vibro compaction has been completed. Moreover, approximately 80% of dredging, infrastructure, (on site cogeneration) and piling are due to be completed by June/July 2009 with construction of the residences on target to meet the December 2010 delivery
deadline.

In creating a vibrant, well-planned and sought-after private island Community, zaya believes the long term equity of the properties will steadily appreciate in value, particularly with Abu Dhabi as the backdrop to Nurai, given the city's financial stability and sustainable growing economy - Abu Dhabi's GDP is expected to triple to about $300 billion in 2025. Final details are also being worked out on a rental program that will allow residents on Nurai to put their unit(s) back in the resort pool when not in use. Under this arrangement, residents will share the revenue with the resort operator. A recent survey conducted by UK based Hogg Robinson Group (HRG) has revealed that Abu Dhabi came first on their list of cities claiming downturn-defying high room and occupancy rates. The city's leading position is expected to continue over the next few years as the city's development plans continue aggressively.

Zaal's confidence in the continued strength of the market for the kind of developments zaya specializes in was confirmed by Asian-based Hotel & Leisure Advisors: TransactAsia. "Exclusive developments like Nurai typically produce high rental yields and investor returns. This coupled with the fact that there is a shortage of this type of projects in the region will certainly push the rental yields higher."

[island_seeker]

Eye of Dubai:


Posted on: Sunday April 19 , 2009 10:53:00 AM (GMT+4)

Completion of first Nurai home in May confirms Zayas aggressive construction plans despite industry slowdown

Zaya, the UAE-based boutique real estate developer, has confirmed the
completion of the first Nurai home in May; notably ahead of schedule. The
developer further confirmed that the project contractors are progressing on
construction at a vigorous pace with an aim to stay firmly on track for delivery in December 2010.

“Zaya is backed by the financial strength and experience of its joint-venture
partners putting it in a strong position to face the challenges of the global
property market,” said Nadia Zaal, Co-Founder & CEO, pointing out that the
project has remained on schedule despite the current industry slowdown.

“The Zaya team stands confident in Nurai and remains committed to its
stakeholders and to its promise of creating an ultra exclusive, innovative and sustainable living experience,” she added. Zaal also confirmed that STX Construction Company Ltd, the main contractor on the project, have been working aggressively on site over the past few months to make sure construction on Nurai maintains its current fast pace. STX is a part of the South Korean STX holding group and has extensive experience in building housing complexes as well as harbors and seaport cities
and overseas plants. They are currently also working on the construction of 65 buildings in the Special Economic Zone in Musaffah, Abu Dhabi,

Construction has progressed on schedule with mobilization work on Nurai started in August 2008. To date earthworks and vibro compaction has been completed. Moreover, approximately 80% of dredging, infrastructure, (on site cogeneration) and piling are due to be completed by June/July 2009 with construction of the residences on target to meet the December 2010 delivery
deadline.


In creating a vibrant, well-planned and sought-after private island community, Zaya believes the long term equity of the properties will steadily appreciate in value, particularly with Abu Dhabi as the backdrop to Nurai, given the city’s financial stability and sustainable growing economy – Abu Dhabi’s GDP is expected to triple to about $300 billion in 2025.

Final details are also being worked out on a rental program that will allow residents on Nurai to put their unit(s) back in the resort
pool when not in use. Under this arrangement, residents will share the revenue with the resort operator. A recent survey
conducted by UK based Hogg Robinson Group (HRG) has revealed that Abu Dhabi came first on their list of cities claiming downturn-defying high room and occupancy rates. The city’s leading position is expected to continue over the next few years as the city’s development plans continue aggressively. Zaal’s confidence in the continued strength of the market for the kind of developments Zaya specializes in was confirmed by Asian-based Hotel & Leisure Advisors: TransactAsia. “Exclusive developments like Nurai typically produce high rental yields and investor returns. This coupled with the fact that there is a shortage of this type of projects in the region will certainly push the rental yields higher.”

[Imre]

Cityscape Abu Dhabi

20/April/2009

Nurai Island

[island_seeker]

Great photos Imre. i have a couple too but cant upload attachments?

[Imre]

first upload here: www.tinypic.com or www.imageshack.us

and after just copy the right link (link for forums) here

[Joelzinhoo]

Paradise....

[Imre]

Zaya to finish Nurai in December 2010

By Himendra Mohan Kumar, Staff Reporter
Published: June 07, 2009, 23:21


Abu Dhabi: UAE-based real estate developer Zaya plans to deliver its Dh3-billion island project Nurai, comprising 31 high-end beachfront estates and 36 water villas on schedule in December 2010, its chief executive officer said on Sunday.

"At the moment we are a bit ahead of schedule," Nadia Zaal, CEO of Zaya, told reporters. "There are 200 workers on site and their numbers are going to double over the next few months."

The properties already sold by Zaya on Nurai are priced between Dh55 million and Dh65 million

"We have sold 40 out of the 67 units. The top-most unit at Nurai will be sold for roughly Dh100 million, though it won't probably be sold before the end of the project," said Zaal.

The property owners at Nurai have the option to rent out the units, said Zaal, adding that service charges per unit are currently Dh180,000 a year.

As well, there will be a hotel project on Nurai comprising 45 villas, work on which will begin in September, said Zaal.

The entire Nurai project will be managed by Zaya Retreats.

Nurai, located four kilometres from Saadiyat Island off Abu Dhabi, can either be reached by boat or helicopter.

Zaal said the Nurai project in terms of development area is 300 million square feet and the project is being financed by a consortium of banks. Nurai, when complete, will have the latest recreational facilities including spas, tennis courts and movie theatre.

Zaal said Nurai is a luxury property that will be known for its privacy and exclusivity, adding that the company is relatively less affected by the global financial crunch than some of the other developers due to its having a niche clientele.

"I think, we are better positioned and relatively, much less affected."

Zaal said Zaya is in negotiations for acquiring land banks in Abu Dhabi, Dubai, Qatar, Oman and India for future developmental projects.

http://www.gulfnews.com/business/Rea.../10320749.html