Three islands on The World up for sale

The 350,226.00-square feet Finland island is being sold for Dh52.3 million, 17 per cent lower than the original price of Dh63.2 million, while Sapporo, a 497,949 square feet island, is being offered for Dh77.63 million, 11.4 per cent below the original price of Dh87.62 million. (AFP)

Three islands on The World project - ­Finland, Sapporo and Kathmandu - are up for sale in the secondary market, Emirates 24|7 can reveal.

Two Dubai-based real estate agencies have put online adverts for sale of the islands, with Finland and Sapporo, the high-density islands, offered at a discount.

The 350,226.00-square feet Finland island is being sold for Dh52.3 million, 17 per cent lower than the original price of Dh63.2 million, while Sapporo, a 497,949 square feet island, is being offered for Dh77.63 million, 11.4 per cent below the original price of Dh87.62 million.

Kathmandu, a 221,946 square feet island, is up for grabs for Dh55.48 million. No more details are mentioned in the advert.

None of the agencies responded to the queries of this website.

Last year, the 460,000 square feet Italy was on put on sale for Dh80 million, while a 215,278 square feet island (name not disclosed) was offered for Dh42 million.

According to Nakheel, The World has five different types of island community: Estate Islands, Mid Density, High Density, Commercial and Transportation, and Resort Islands. There are 25 estate islands ensure
maximum privacy for the inhabitants, allowing open vistas to large water bodies. The 198 mid- and high-density islands, will provide multi-family residential developments offering low-rise mixed-use communities, complete with commercial offerings to meet the needs of residents, for their full-time or vacation home. 

Twelve islands have been dedicated for commercial use, and will be located adjacent to the four major transportation hubs and navigation channels.

Last week, Nakheel Chairman Ali Rashid Lootah told this website that no islands had been repossessed and sale contracts defined whether the islands could be resold in the secondary market. The master developer does not allow flipping of the islands. Seventy per cent of the 300 islands have been sold, while the remaining islands are still with Nakheel. Work has commenced on only two projects.

More:

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