Kuwait investors launch project in The World

Kuwait-based Efad Holding and its subsidiary Investment Dar are developing a mixed-use waterfront community at The World islands.

Called Oqyana, the project is estimated to be worth Dh12.84 billion ($3.5 billion) when completed.

The development, located four kilometres offshore Jumeirah beach, will cover 39.38 hectares of artificially-created islands reclaimed from the Arabian Gulf.

It will include 1,910 exclusive waterfront residences, including 1,500 seaview apartments, 90 secluded water homes linked to islands via walkways, 170 exquisite canal homes and more than 150 beachfront mansions. Each of the waterhomes and mansions will have a private beach on one side and a marina as the backyard.

"These will be the first freehold properties on The World to go on sale, and offer a fantastic first-mover opportunity to discerning investors looking for a unique address on a project of truly world-class standing," said Waleed Al Humaidhi, chairman of Efad Holding.

"We anticipate strong initial take-up for Oqyana properties because of their distinct location, individuality of design and concept, and because the destination itself will be like no other place on earth."

Sultan Ahmad Bin Sulayem, chairman of Nakheel, said a third of the islands under The World development have been sold to investors.

"But Oqyana is the first definite development unveiled by investors so far. We have rejected a few designs proposed by investors due to lack of imagination and creativity," he said.

"We want investors to create unique projects that will add value to the overall development of Dubai and help bring in more tourists to Dubai."

The project, officials said, could be comparable, with only two waterfront properties in the world, located in Australia and Florida in the United States.

The entire project will be located in The World's 'Australia' cluster of islands, interconnected by bridges.

The development, which will also include two hotels and a spa resort, is expected to be completed in six years.

Officials declined to reveal the price of the islands and the investment outlay. However, last year Refad Hotels and Resorts, a subsidiary of Efad Holding, announced the purchase of Adelaide island, part of The World's Australia cluster, at a cost of Dh130 million.

The prices of the residential units have not been disclosed yet. The company will kick off the freehold sale of the properties at the Arabian Travel Market (ATM) which takes place at the World Trade Centre from May 3 to 6. Better Homes have been assigned to handle its launch-sale at the ATM.

The project was designed by Proman Mace, a Efad subsidiary, which will also oversee project management and construction.

Nakheel, developers of The World, will hand over the reclaimed islands under the Australia cluster by 2008-09. Construction of the project will take two to three years from then.