The exact location of the asset has not been released, but chief executive Nadia Zaal says the company has plans in place to develop at least 90 residential units.
The distressed purchase wouldn't be cut and dry. There are investors from the original project that will need to be paid back, despite not seeing the development come to fruition. Additionally the new architecture team will need to create an entirely new design while using the existing portion of the project that has already been developed.
Zaya isn't stopping with this project. Zaal says the company is considering a mixed-use project in Abu Dhabi as well as a resort near Goa.
To read the report in the National Newspaper click here.
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