Singapore firm buys The World's Nova Island

Singapore based firm Cinnovation Group has purchased Nova Island, part of Nakheel’s The World manmade islands project, and intends to build a $200 million resort and spa on the development.

Varun Chaudhary, director of Cinnovation’s Dubai operations, said on Monday that the project will be a private luxury retreat, offering both tourist and residential facilities. He did not reveal the island's purchase price.

Nova Island represents the northern Russian archipelago Novaya Zemlya, situated next to Russia and Serbia. The development will feature ocean front guest villas and fractional ownership residential villas.

The palm-thatched luxury guest villas will be built entirely over water, while the private residential villas will match the guest villas in architecture and location, he said.

Work on the 400,000 square foot island is expected to commence later this year.

Cinnovation Group already own resorts in Maldives, Sri Lanka and Malaysia, including its flagship Maldives property Taj Exotica Resort & Spa.

Islands on The World, located four kilometres offshore from Dubai, are being offered for sale on a freehold basis to selected investors, and are only accessible by marine or air transport.

The average price for an island ranges from $15 million to $50 million, but the total cost of developing an island is much higher as owners are expected to provide all necessary infrastructure. The most expensive island costs $263 million.

Around 50% of the 300 islands that make up The World have been sold so far. Some of The World islands represent countries, while others represent cities.

Nakheel, part of state-owned conglomerate Dubai World, has remained tight-lipped about many of the islands' owners, and numerous high-profile celebrities, businessman, royalty and sports stars have been linked with the development.

Source: arabianbusiness.com