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28 May 2024

Oyster islet on Dubai’s The World up for sale

By Parag Deulgaonkar

An oyster-shaped islet, part of the Asia island on The World project, has been put for sale in the secondary market at a discounted price of Dh105 million, Emirates 24|7 can reveal.

The island has a land area of more than 36,000 sq metres. “The owner has already received the approval from Nakheel for a residential and hotel project on the island, but he has now changed his plans. He now wants to sell it,” said Oleg Nikitenko, General Manager, Sun Coast Real Estate, the agency brokering the deal.

“The owner is seeking Dh25m as down payment, while the buyer will have to pay Dh80m to Nakheel. He is offering a 10 to 15 per cent discount on the original price,” he added.

The approved design for the island, which boasts of a built-up area of 47,048 square metres and a total land area of 36,661 square metres, consists of 166 units (triplex villas and apartments) and 42-room boutique hotel.

“Spherical form of our hotel is made of steel construction and it’s plated by black perforated sheet metal. Thus made a one-way vision effect. From the interior, you can see a beautiful vision of the island but from outside, you only see a black sphere, which the dominant one in our concept,” according to the information put below the artist impression of the proposed project.

Last year, a number of investors had put their islands for sale, but it is not known whether any island was sold in the secondary market.

In January 2011, Nakheel Chairman Ali Rashid Lootah told this website that none of the islands had been repossessed, and that sale contracts defined whether an island could be resold in the secondary market. In July, the developer said that it was working on finalising prices for islands on its The World project, as investor interest is perking up once again.

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 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.

The company has maintained that 70 per cent of the 300 islands have been sold, while the remaining islands are still with them.

The World islands were sold by invitation only. The islands were initially priced in the range of $20 million (Dh73.4m) to $50m.


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