Two of the remaining islands in Dubai’s The World project have recently been sold. The developer of the grandiose project hopes this announcement will help quell speculation of the projects cancellation, amidst price declines in the Middle East market. The boldly symbolic, lavish man-made development has attracted investors with an eye for unique property situated in a market that holds promise of growth. For more on this, see the following article from Property Wire.
The iconic man made islands that make up The World project in Dubai are selling despite the emirate’s real estate market still not moving into recovery mode.
Master developer Nakheel has revealed that even although the last few months have seen prices Dubai continuing to fall it has sold two more islands on the landmark project at an average of $65 million each.
The islands were sold in July and August and there are not just four left on the market in the current sales schedule.
Although the developer would not reveal who has bought the islands managing director Marwan Al Qamzi revealed that there has been a lot of interest from property investors.
‘The World continues to be recognised by developers as a very attractive project given its differentiated offering and its proximity to emerging markets such as India, China, Russia and the Middle East.
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It is one of our most ambitious projects,’ he said.
He hit out at recent rumors that the rest of the project could be canceled.
‘The most recent island was sold in August.
A long-term business plan is in place and potential developers have embraced its fundamental strategies,’ he added.
Prices of islands on The World range between $15 million and $50 million, with the most expensive island priced at more than $200 million.
Land sizes vary from 14,000 square meters to 42,000 square meters.
Select Property, the UK based developers of the conjoined France and Spain islands, said news of the recent sale would bring positivity and confidence back to the master development.
Mark Scott, CEO of Select Property, said that it is time for the negative talk to cease.
‘I think Nakheel has broken even on The World, it has sold enough.
The rubbish you hear about The World being canceled is baseless.
Yes, there have been some delays but handover was pretty much line with what they predicted,’ he explained.
‘All the work has been done and I am told only four islands are available. I believe the guy that bought the island in August wants to start construction immediately,’ he added.
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