Get a piece of The World
Wed, September 24 2008
But first, you have to be invited to purchase this exclusive piece of real estate located 4 kilometres off the coast of Dubai. Called The World, it’s a spectacular man-made archipelago shaped like a map of earth.
Currently, only one island that is part of Greenland is fully developed with a three-storey glass-framed mansion, equipped with water, sewage and electrical systems.
Every year, 50 invitations are sent to businessmen, celebrities and members of royalty asking if they want to buy a piece of The World.
Nakheel, the UAE-owned property developer behind the project, wants to turn it into the world’s first island community for the elite.
Covering 931 hectares, The World is twice the size of Singapore’s Sentosa, which has a total area of 463 hectares, said AsiaOne.
According to Christopher O’Donnell, Nakheel’s chief executive officer, half of the 300 islands have been sold.
Although there had been talk that celebrities such as British singer Rod Stewart, footballer David Beckham and Hollywood couple Brad Pitt and Angelina Jolie have each bought an island here, Nakheel wouldn’t confirm those purchases.
However, confirmed buyers include Chinese businessman Bin Hu who paid $30 million for Shanghai island with plans to build a resort; Kuwait-based investment group The Investment Dar and Efad Holdings, which will transform Australasia into a resort with private residences; and Singapore-based firm Cinnovation Group, which will build a $207-million resort and spa on Nova Island.
Each island, with an average size of 300,000 square feet, is priced between $21 million and $52 million, says Nakheel spokesman Aaron Richardson.
He declined to reveal the exact cost of the multi-billion-dollar project. With The World’s barren islands, buyers will have to factor in other costs, such as building a house, ferry terminal and desalination plant.
Richardson declined to reveal who owns the Greenland island, saying only that it belongs to an “influential local family.”
According to locals, it is believed to be owned by Sheikh Mohammed Rashid Al Maktoum, the vice-president and Prime Minister of the UAE and ruler of Dubai.
He is also the man behind Nakheel’s other island developments, such as The Palm Jumeirah, the smallest of the three artificial palm-shaped islands along the coast of Dubai.
Remnants of the old city are tucked away at the Bur Dubai, known for its winding alleys, beautiful palaces, mosques and old homes.
Just like in the old days, the bustling local markets or souks see merchants selling spices, gold, silk, fishes and textile.
As developers compete to build the world’s tallest supertower in this fast-growing city, mega-resort Atlantis will open at the 560-hectare Palm Jumeirah in September.
The facilities will include an Aquaventure water park and a 1,539-room resort.
On the Palm, there are also waterfront condos and double-storey villas, which are located on the 16 “fronds.”
Making of The World
Design: Map of Earth
Number of islands: 300
Size: 931 hectares
Reclamation: 320 million cubic metres of sand dredged from the sea, plus 34 billion kg of rocks to construct 27 km of breakwater
New coastline: 232 km
Reclamation period: Five years
Types of real estate: Private homes, estate homes, luxury resorts, community islands, retail and dining options
Number of islands sold: Half
Price of each island: From 73.5 million dirhams (about $21 million) to 183.6 million dirhams (about $52 million)
Average size of each island: About 300,000 sq ft, about 100 m between each island
Island facilities: Marinas to service estates and customers of resort islands
Transportation: Helicopter, seaplanes and boats. Journey to and from the mainland takes about 10 to 15 minutes each way
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