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Island on The World up for sale at just Dh190 per sqft

By Parag Deulgaonkar

Real estate agency claims several islands on iconic project up for sale at reasonable prices
Where in The World can you buy an island for Dh190 per square foot?

Well, in Dubai.

A UAE-based real estate agency says it has some islands on The World project which are now selling for Dh190 to Dh200 per square foot.

Elysian Real Estate claims it has several islands up for sale on Nakheel 's The World.

"There are several islands for sale with us and few of these are developed. We are confident of selling four as the prices for them are quite reasonable," Jordan Gounov, Commercial & Assets Sale Manager, Elysian Real Estate, told Emirates 24|7.

The islands for sale range from 500,000 square feet to 1.5 million square feet and the agency says few owners are willing to sell them if they get Dh190 to Dh200 per square foot.

One of the islands selling for Dh190 per square foot is approx. 600,000 square feet in size and will cost Dh114 million.

"Some of the island's owners have title deeds and project designs approved by Nakheel ," Gounov claims.

Although the owners do seek full cash payment, Gounov says a few of them might even agree for a flexible payment plan extending up to a year provided they get their price.

The agency refused to disclose the island names or identity of owners, citing confidentiality agreements.

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.

Earlier this year, an oyster-shaped islet, part of the Asia Island on The World project, was put for sale in the secondary market for Dh105 million.

In July 2011, Nakheel said it was working on finalising prices for islands on its The World project, as investor interest is perking up once again.

According to the company website, 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.

© Emirates 24|7 2012

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