19 February 2008
Dubai: Singapore-based Cinnovation Group on Monday said it has acquired the Nova Island in Nakheel's The World islands project.
The company also revealed plans to build a luxury hospitality haven on this 400,000 square foot island - a project valued at $200 million (Dh730 million).
Cinnovation's acquisition of the island and its development is in partnership with Dubai-based Global Realty Partners (GRP) Group.
"Cinnovation selects the most exotic locations and the most reputed partners for its hospitality ventures," said Varun Chaudhary, director of Cinnovation's Dubai operations.
The hospitality arm of Cinnovation Group owns resorts in Maldives, Sri Lanka and Malaysia. Other projects include management and development of boutique resorts in the Middle East, South East Asia, India and China, business hotels in the Middle East and India, and eco-tourism resorts in Africa.
GRP, headed by Arshad Wahedna as director, is one of the first property development companies to have invested in the freehold real estate market of Dubai.
On Nova Island, Cinnovation plans to create an island paradise reflecting the best aspects of its flagship property Taj Exotica Resort & Spa (Maldives), a Leading Hotel of the World.
Features
"Some of the most reputed architects and interior designers will come together to shape this haven into the emerald of the Arabian Gulf," says Chaudhary. "Once completed, the project will be the ultimate in luxury: a perfectly-appointed, private retreat on one of the most sought after addresses in the world."
Located at one end of the island, the palm-thatched guest villas will be built over water with private sundecks that open onto the Gulf. They will also have private plunge pools and secluded courtyards with open-air showers.
Work on the project is expected to commence later this year.
By Staff Reporter
Gulf News 2008. All rights reserved.
