Wednesday, February 27, 2008

Construction likely to commence this year on Nakheel's Greece project

Island of Greece Nakheel
The Island of Greece, in Nakheel's mega project, 'The World', will turn out to be a luxurious boutique resort, with construction due to commence in December 2008.

Speaking during the launch of Greece, Baron Jean Van Gysel de Meise, said "The World is an ideal location as it is a little haven located away from the stress of Dubai."

Spread across 45,000 square feet of space, Greece will have 65 units on the whole, worth about $170 million, and an estimated sales value of $200 million. Investors will be given access to the property for two months in a year. They will also receive 50% of the gross revenue of the property for the remaining 10 months.

According to Van Gysel, the construction will begin next December and the hotel would be open by 2010 December. He said, V…..Greece on 'the World' would be the launch-pad for boutique brands in the GCC, as other projects are currently underway in Oman and Abu Dhabi. The resort will have a marina that spreads across 1000 foot, with moorings for 16 private boats, apart from several restaurants and a spa.

Van Gysel said "Service in Dubai is not up to the mark, in comparison to the five-star services that one experiences in other parts of Europe. V….Greece aims to be a benchmark for service in Dubai."

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