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www.bahraintribune.com Two Kuwaiti companies which have jointly bought a segment of 300 islands shaped like a world map off Dubai’s coast said it would house a 3.5-billion-dollar real estate and tourism development.
Investment Dar, a publicly-quoted company on the Kuwait Stock Exchange, and its major stakeholder EFAD Holding, said in a statement that they had purchased what will be the string of islands making up Australasia on The World.
The three-billion-dollar clustre of islands that will make up The World has partially surfaced on Gulf waters and is forecast for completion at the end of 2007.
Prices for the islands range from $6.2 million to $36.7 million.
The development will be located four kilometres off Dubai’s shores halfway between the landmark Burj Al Arab hotel and Port Rashid.
Investment Dar chairman and managing director Abdul Qader Al Musallam said construction on the islands would start by the end of 2008 or early 2009, “and we envisage it will take three to four years to complete.”
The project will boast more than 1,500 apartments with panoramic views, 90 water homes, 170 canal homes and more than 150 exclusive beachfront mansions, all housing up to 15,000 people, as well as top class hotels and retail facilities.
The homes will go on sale in May, becoming the first freehold properties on The World to do so.
The project is along the coast from three man-made islands in the shape of palm trees, one of which has already been completed.
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