Cinnovation Group buys The World’s Nova Island
February 18, 2008
The Singapore-based firm Cinnovation Group announced that it has purchased the Nova Island, part of The World. Cinnovation Group 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.
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% is sold at this moment.
Cinnovation Group already own resorts in Maldives, Sri Lanka and Malaysia, including its flagship Maldives property Taj Exotica Resort & Spa.
Dubai Sports City…
America defended the decision to offer such a generous package of tax breaks to entice investors. “ Capital is a coward,” said John Snow, US Treasury Secretary. “ It doesn’ t go places where it feels threatened. Companies will not send employee…