UK property agent to sell Nurai Island properties

  • Share via facebook
  • Tweet this
  • Bookmark and Share

UK property agent Chesterton will on Sunday complete a deal with developer Zaya to sell properties on the luxury Nurai Island development in Abu Dhabi.

Speaking to Arabian Business on the sidelines of Cityscape in Abu Dhabi, Libyan born Salah Mussa, chairman of investment vehicle Mercantile Group, which owns Chesterton, said he was in talks with other developers such as Hydra, Sorouh and Aldar over similar "commercial relationships".

The agent is moving into the Middle East market by opening an office in Abu Dhabi and hopes to become the first independent international agent in the UAE, without formal strategic tie-ups with big developers.

Hamptons International, another UK property agent, was acquired by Emaar, the largest developer in the Middle East, for $153m in 2006.

“The advantage is that you can do deals with all developers. The problem with Hamptons is that they have tied themselves up with Emaar,” Mussa said.

Nurai island is 20 minutes by boat from the Abu Dhabi mainland and offers a number of luxury high-end waterfront villas.

Chesterton hopes to open an office in Libya by November 2009 and work closely with the country’s sovereign wealth fund there, the Libyan Investment Authority (LIA).

It also has plans to extend its footprint in the Middle East and open offices in Saudi Arabia and Qatar in 2010.

Chesterton has 65 offices across the world and specialises in everything from advisory services to residential sales and leasing.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Trump casino resort business files for bankruptcy

Trump casino resort business files for bankruptcy

The Donald founded the companies but is now suing them to have...

Do celebrity branded projects ever work?

Do celebrity branded projects ever work?

The long list of celebrity-endorsed real estate developments...

1
Is this the end of the Gulf’s Indian cash dash?

Is this the end of the Gulf’s Indian cash dash?

From currency woes to taxation loopholes closing and a clampdown...

3
Most Popular
Don't miss
Revealed: Winners of 2nd Arabian Business StartUp Awards

Revealed: Winners of 2nd Arabian Business StartUp Awards

The event highlights the biggest achievers and self-starters within the UAE’s growing start...

6 tips to fast track your career

6 tips to fast track your career

Quick and simple tools can make the biggest differences

Live blog: The 11th annual Arabian Business Forum

Live blog: The 11th annual Arabian Business Forum

Live updates from today's event, with speakers including BBC broadcaster Andrew Neil, Etihad...

Gaza “hero” doctor honoured by Arabian Business

Gaza “hero” doctor honoured by Arabian Business

Dr David Nott takes top prize at awards ceremony

Winners of the Arabian Business Achievement Awards 2014

This year's top winners from across a variety of business sectors

InPicture: Fourth Arabian Business Women's Forum

The one-day event is examining the role of women working in the Arab world, the challenges...

Debate: Is it women, not men, maintaining the glass ceiling?

Debate: Is it women, not men, maintaining the glass ceiling?

Women in male-dominated professions are on the rise, but concerns over equality still persist...

"Women are the next growth market," but face confidence issues, says forum

4th Arabian Business Women Forum kicks off discussing leadership issues facing women in the...

Sheikh Mohammed's son signs up for UAE national service

Sheikh Mohammed's son signs up for UAE national service

"It is an honour before it is a duty," said Sheikh Ahmed bin Mohammed Al Maktoum

Most Discussed