Tuesday, August 07, 2007

Nakheel's 'Greece Island' sold for $15.5million

The World Islands
Nakheel has announced that 'The Island of Greece' in its offshore Dubai development The World, has already been sold for $15.5 million. The details of the buyer are yet to be known.

However, a Nakheel spokesperson is said to have confirmed that the owner is not the US rocker Tommy Lee, or former Baywatch star Paymela Anderson.

The price range of $15.5million is considered to be at the low end of the scale, as prices range from $15 million to $50 million.

Of the total 300 islands, 40% has already been sold. The spokesperson said all of islands that make up the Canada and the US have already been bought. Even Europe has almost been sold, though no one has come forward to buy France.

Nakheel has so far sold twenty one islands, including Moscow and Kazakhstan.

While a few islands represent countries, others represent cities.

Every year, Nakheel invites fifty people mostly celebrities, or men from the elite business group, to come and view The World, and then they are welcome to buy the project, if they find it interesting.

The next set of invitations will be sent out in November.

The reclamation work is set to be completed during 2008, when the islands will be handed over to developers.

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