Friday, January 29, 2010

Work on private projects at The World to begin soon

Nakheel has confirmed that construction would soon commence on its off-shore island development, The World.

The confirmation about the beginning of the work began when the European developer, Major Trade, announced commencement of work on its island project. Ground works, including soil testing have begun and reclaiming of the island plot and vibro-compaction will begin in February 2010, the Company said.

The Kliendienst Group last month announced that it would begin construction on its Germany Island, part of the Dh.3.1bn Heart of Europe development.

The Managing Director of Nakheel, Marwan Al Qamzi said that The World is an attractive project, given its differentiated offering and close proximity and accessibility to developing markets.

The Arabian architectural and cladding specialist, Arabian Profile Company Limited and Canadian Gulf Construction have been engaged to carry out construction work on the development. The logistics for the project will function out of The World Construction Logistics Port located at Mina Rashid, operated by Penguin Marine Boats Services.

The Managing Director of Major Trade, Viktor Herceg, expressed confidence that on completion of the project, it will generate huge demand for luxury residences. He added that Nakheel has been very supportive as the company has been striving to develop its first island development.

Located at the tip of the Greenland area of The World, the island includes a modern residential villa development and a luxury boutique hotel.

Major Trade is the real estate development investment arm and special purpose vehicle for a mid-sized European residential property developer, particularly responsible for luxury, and high-end developments in Dubai.

The work will begin on as many as 20 islands this year, Nakheel confirmed. The buyers have revised few of their initial designs taking into account the economy, and are now moving ahead with their construction works.

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