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20 June 2024

Floating villas on sale on The World in Dubai

By Parag Deulgaonkar

Hotel suites to floating villas in Mont Royal, a 5-star hotel being built on the main island of The Heart of Europe in The World, Dubai, are up for sale with off-plan prices ranging from Dh3,000 to Dh3,700 per square feet.

Local real estate agencies have listed units on property portals and selling a 640-square foot unit, termed “princess suite”, for Dh2 million, or Dh3,125 per square feet, while another 581 sqft (corner) suite is listed for Dh2.15m.

These are the first of the homes to go on sale on The World Island after the global financial crisis. Currently, the only island operating as a daytime resort is the Royal Island Beach Club.

As per the listings, the buyer will have to pay the first installment of 20 per cent of the unit price, along with the commission.

The second installment of 20 per cent will be due on October 2014, with the third 20 per cent falling due in March 2015. The final 40 per cent will have to be paid in December 2016, at the time of completion.

The listings add that as a Mont Royal VIP club member, owners will get benefits such as upgraded transportation and special concierge services; dedicated areas accessible to owners only; privileged bookings for all events and services, yachts, seaplane and helicopter, the adverts add.

Earlier this month, Knight Frank's Wealth Report 2014 revealed that Dubai's prime luxury property market was much affordable than key global cities despite prices rising 17 per cent last year.

One could buy 146 square meters of prime property for $1 million (Dh3.67 million) compared to only 15 sqm in Monaco, 20.6 sqm in Hong Kong, 32.6 sqm in Singapore and 25.2 sqm in London, the UK-based real estate consultancy had said.

In January, a spokesperson for Kleindienst Group, the developer of The Heart of Europe, told Emirates 24|7 that the project will have “snow and rain-lined streets” that they plan to develop using a German technology.

“Construction is only just starting and will continue until end-2016. Vibro-compaction of all six islands is the first step in the construction process, preparing them for buildings to be erected,” he had said.

The Heart of Europe project offers visitors many five-star luxury plaza boutique hotels with a vast array of dining and nightlife options with the “only outdoor climate controlled areas in the world.”

Besides, as part of the Mont Royal Family Hotel, there will be several slides and lazy rivers on display amongst other attractions. A large floating bridge links the islands of Monaco, Switzerland and St. Petersburg to the main island of Europe.

In May 2013, Nakheel, the master developer of The World, said work on The Heart of Europe development is all set to start soon as Kleindienst Properties had amicably resolved their dispute.

The Heart of Europe comprises six islands: Germany, Austria, Switzerland, The Netherlands, Sweden and St. Petersburg with six additional destinations being Sochi, Belgium, Luxembourg, Geneva, Monte Carlo and Poland.

The islands are linked by unifying architectural principles and characterised by sleek designs inspired by their namesake countries.

According to Nakheel, all the islands are completed and ready for development by individual investors.
The World project is nine-kilometers wide and seven-km long. It covers an area of 931 hectares and will add 232km to Dubai’s natural 67 km of beachfront.