Singapore-based Cinnovation Group said it has acquired the Nova Island in Nakheel's The World islands project, reported Gulf News. The company also revealed plans to build a luxury hospitality haven on this 400,000 square foot island - a project valued at $200m. Cinnovation's acquisition of the island and its development is in partnership with Dubai-based Global Realty Partners (GRP) Group. The hospitality arm of Cinnovation Group owns resorts in Maldives, Sri Lanka and Malaysia. Other projects include management and development of boutique resorts in the Middle East, South East Asia, India and China, business hotels in the Middle East and India, and eco-tourism resorts in Africa.