There are 2 projects here. And there is a lot of missing details from both.

But what has happened before is that:

The government gives free/cheap/exclusive public land to someone to build apartments/villas. They sell these to whoever wants to buy before starting construction. At the end of construction, with the profits, they build nice hotels at the frontline and keep for themselves without investing any of their own money in anything.

So they will most likely build apartments in Narta, sell them to the populace, and keep Sazan for themselves as luxury resort.

Something worse than this has started happening for high rises too, where they start selling before getting the permit even. So they don't invest their own money even to get the initial permit to start building.