Construction recommences at The World

One island is inhabitated thus far...

The World has come to symbolise the turbulent Dubai property market with delays and postponed schedules hampering construction of the artificial islands and the villas that will inhabit them. In fact of the 300 islands, only one is believed to be fully completed and inhabited, however that looks to soon change...

The developer of The World project, Nakheel have confirmed that they are to commence the start of construction of a second project on its man-made archipelago, while European developer Major Trade FZC have announced that construction is to recommence on their island development on The World.

This is to include ground works, soil testing and reclaiming of the island plot with vibro-compaction to begin in February 2010.

Speaking at a press conference, Viktor Herceg, Managing Director of Major Trade FZC said: "We are delighted to have begun developing our island already and also upon completion of the project we are confident that there will be high demand for our luxury residences. We are fully committed to this project and are grateful for the support of Nakheel as we work to create our first island development."

"It is an honor to be among the select developers on The World as it is a highly differentiated development which reflects Dubai's long term vision to build a premier tourist destination. The World will bring great value to Dubai's tourism offering by creating a true island lifestyle just 20 minutes away from the center of Dubai."

High demand

Nakheel were just as positive with Marwan Al Qamzi, Group Managing Director of the company saying, "The World continues to be recognised by developers as a very attractive project given its differentiated offering and its close proximity and accessibility to emerging markets.

"A long-term business plan is in place and we are pleased to see construction on several islands starting in the coming months."

Of course, with the company facing debts of US$59 billion, Nakheel, which is a subsidiary of Dubai World, is hoping that their grand scheme will begin making returns of their immense investment. Last year, the company just escaped defaulting on their debts when they were bailed out by the US$10 billion lifeline from Abu Dhabi.

It is expected that work will begin on about 20 of the islands this year, however with the recession still at the forefront of many businesses' and billionaires' minds, will they be appealing investments?

Relevant articles:

World to recommence on The World | The cancelled Dubai mega-projects | The great Dubai crane slump

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