Completion of first Nurai home in May confirms Zaya’s 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.”
Founded in February 2008, Zaya is a UAE based boutique developer specialising in high-end real estate with offices in Abu Dhabi & Dubai. Zaya is a joint venture between Tasameem Real Estate, and Assas LLC whose combined portfolio is in excess of US$20 Billion. Tasameem Real Estate has a development portfolio worth more than US$ 15 billion around the world. Assas is an investment holding company focused on investing in premium and luxury developments. Both companies together bring over 25 years of experience in delivering world-class real estate.
Zaya’s first project, Nurai, is a private island in the Arabian Gulf, combining tranquillity and seclusion just minutes away from the city of Abu Dhabi. Nurai is a development of 31 beachfront estates, 36 water villas and one boutique luxury retreat due for completion December 2010.