Nova Island

[shawarma]

Nova Island (or Novaya Zemla in the Russia / Serbia part of The World) was bought by Cinnovation Group of Singapore, according to a press release today. Cinnovation say they intend to build a resort and spa worth $200 million (AED 734 million) on Nova Island. The resort would have palm thatched ocean front water villas for tourists, and timeshare residential accommodation (or "fractional ownership" to use time-share marketspeak)

Director of Cinnovation operations in Dubai is Varun Chaudhary.
Island area is 400,000 square feet (a bit less than 40,000 sq meters)
Project construction start date late 2008
Project completion date unknown