Business | Property
Nakheel will start work on Greece in December
The island of Greece on Dubai master-developer Nakheel's The World mega project will become a luxurious boutique resort, with construction due to begin in December 2008.
- By Suzanne Fenton, Staff Reporter
- Published: 23:29 February 24, 2008
Dubai: The island of Greece on Dubai master-developer Nakheel's The World mega project will become a luxurious boutique resort, with construction due to begin in December 2008.
Speaking at the launch of Greece yesterday, owner Baron Jean van Gysel de Meise said: "The World is an ideal location because it's exclusive and a little haven away from the stress of Dubai."
Spread out over 45,000 square feet, Greece will have 65 units at a value of $170 million, with an estimated sales value of $200 million.
Investors will have access to the property for two months of the year. They will also receive 50 per cent of the property's gross revenue for the remaining 10 months.
Van Gysel said construction will begin next Dec-ember and the hotel would be open by December 2010. He also said that V...Greece on The World would be a launchpad for boutique brands in the GCC as other projects are underway in Abu Dhabi and Oman.
The resort will have a 1,000 foot marina with moorings for 16 private boats. It will also have a spa and several restaurants. "Service in Dubai is not up to par. It doesn't compare to the five-star that you get in parts of Europe. V...Greece aims to be a benchmark for service in Dubai," said Van Gysel.
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