Zaya, the UAE-based boutique real estate developer, will complete the first Nurai home in May ahead of schedule, in line with its agressive construction plans, said its co-founder and chief executive officer Nadia Zaal.

The developer further said that the project contractors were 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  Zaal.

She pointed 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.

According to Zaal, STX Construction Company, the main contractor on the project, has 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 harbours and seaport cities and overseas plants.

They are currently working on the construction of 65 buildings in the Special Economic Zone in Musaffah, Abu Dhabi, she added.

'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 per cent 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,' Zaal disclosed.

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.

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,” she added.-TradeArabia News Service