The Island of Italy is up for sale in the secondary market for Dh80 million and the owner is ready to sell it without a premium, Emirates 24|7 can reveal.
The owner of the island put it on the market five months ago, having paid Dh25m as an initial payment, the agent, brokering the deal, said on conditions of anonymity.
“The 460,000 square feet island is complete and a huge discount is available on the original price through credit notes. Therefore, the buyer can save a good fortune,” she added.
In May, Emirates Business reported that an investor in The World project had put a 20,000 sq m island on sale for Dh42m.
The World development will cover approximately 931 hectares and add an additional 232km of beach front to Dubai’s coastline.
There will be 300 islands reclaimed from the sea in the shape of the world map.
Yachts will be the primary mode of transportation, giving both residents and visitors a water-oriented travel experience across the waters of the Gulf.
The World’s sales process is as exclusive as the development itself – visiting the islands is by invitation only, according to the company’s website.
The islands range in price from $20 million (Dh73.4m) to $50m.
The development comprises five types of island community: Estate Islands, Mid Density, High Density, Commercial and Transportation, and Resort Islands, The World will host a collection of villas, apartments, resorts, restaurants and retail outlets set amid a range of beaches, boating and other leisure opportunities, the website adds.
Although Nakheel asserts that “flipping is not allowed” for The World islands, financial experts say an offshore company, if it owns the island, can transfer shares to another person or company, thus transferring ownership to the third party.
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