Nakheel sells 90 islands at The World

DUBAI — Nakheel has sold almost 30 per cent islands, 90 out of 300 islands which are being developed at The World, a collection of islands in the shape of continents located off the coast of Dubai, according to sources.

By Moushumi Das Chaudhury

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Published: Fri 15 Jul 2005, 12:54 PM

Last updated: Thu 2 Apr 2015, 4:41 PM

The islands price range starts from Dh23 million to Dh135 million and the offshore island will be five kilometres off the coast of Dubai and will be 5.5 kilometres in length and width covering 60 million square feet, including 10 million square feet of beach.

Sultan Ahmed bin Sulayem, said, “The World will provide an intriguing and one of a kind haven for investors looking for exclusive and world calss real estate opportunity.’’

It will give investors the room to realise their dreams, from the perfect island home to exotic resorts, golf courses or corporate retreats.

Industry sources revealed that Nakheel has changed its sales strategy by marketing groups of islands instead of marketing them individually.

Most of the investors are from the Gulf and European countries.

The islands will be created for privacy and exclusivity but will include IT connections, GPS navigation and first class marinas, designed for the safety and convenience of investors, residents and visitors.

One of the major investors of The World is The Investment Dar, a publicly quoted company on the Kuwait Stock Exchange and EFAD Holding, a major stakeholder in The Investment Dar. The company has purchased the Australasia segment from the project and will develop Oqyana at 'The World' after Nakheel hands over the land in 2008.

According to Adnan Abdul Qader Al Musallam, chairman and managing director of The Investment Dar, “The construction will commence by the end of 2008 and it will take three to four years to complete the project. The islands will cover some 39.38 hectares in total and will be enhanced by walkways and inter-island ferries.’’ The reasons for choosing the Australasia segment by the investors, are that it will be the closest to the mainland and will have the best views of Dubai from 'The World ', the entire destination can be isolated as it will have no public water corridors running through it.

Nakheel has also highlighted the safety and protection of the islands with an infrastructure that will provide peace of mind to leave the mainland behind.

According to Waleed Al Humaidhi, chairman of EFAD Holding, “There will be break-water protection for all the islands which will be done by experts from Holland and building materials will be the best quality with many special materials being used for the first time.’’

Apart from this, the access to the islands will be marine transport only and to ensure the ambience maximum restrictions have been placed on the heights of developments. A series of waterways, canals and lakes have also been integrated into the overall design.

The World may be completed by the end of this decade and cater specifically to the elite residential and tourist market as well as answer the needs of a variety of home owners, investors and visitors.

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