In a deal worth $20 million (Dh73.4m), Nakheel has sold the island of Thailand out of its 303 manmade islands on the $3 billion (Dh11bn) project, The World, to Profile, a real estate sales and development firm. With this, about 40 per cent of The World is committed.
Profile will develop its own project, a resort named "Jasmine Gardens", over 279,000 square metres on the island of Thailand, for an investment of $110m (Dh403.7m), a top executive said.
"While we are looking at completing the project by 2010, we do not get the land until end of 2008. Up until then, we have a lot of time to plan and put things into place," Imtiaz Khoda, the director of Profile, said. The company may also buy Malaysia island on The World, he said.
"If the demand is there after we sell Thailand island, we could look at buying the island next to Thailand, which is Malaysia," he said.
Jasmine Gardens will be developed in the "spa" theme by an architect from Miami, Khoda said.
"The resort is based on the spa element. Thai treatments are quite popular around the world. So we picked this theme for the island," he said.
Set over two levels, the spa will be located in the centre of the resort. It will comprise a relaxation room, a treatment room, saunas and Jacuzzis.
The island will house 131 residential villa units, priced between Dh1.8 million and just over Dh11 million.
By Shweta Jain
Emirates Today 2006
