SALE PRICE: Markovo will become the most expensive World island.

A single island on The World is to go on sale for a staggering $263 million, Arabian Business can exclusively reveal.

A spokesman for Dubai developer Nakheel has confirmed that Markovo - a 247,000-square metre island located on the Asia plot of the project - has been given the massive price tag. This is way above the $15-50 million average price for buying an island previously stated by Nakheel.

The hike in prices for this plot specifically has been attributed to its size and location.

While Markovo is the assigned name for the island, owners have frequently given new names to the island plots once they have purchased them.

The spokesperson also revealed that Bin Hu, buyer of Shanghai on The World, has purchased another two islands out of a total six that represent China on the manmade archipelago.

Bin Hu paid $28 million for the Shanghai plot and said he planned to turn it into a luxury development featuring an exclusive hotel and resort, as well as a series of palatial private villas. He also confirmed, in a previous interview conducted with Arabian Business, intentions to buy all six islands.

Other islands that have been sold include Greece, which was bought for $15.5 million by an undisclosed buyer.

Ireland, a collective of four islands, was bought by an Irish businessman who plans to develop it into an Irish-themed resort and spa called ‘Island in the Sun'.

Oqyana is another ongoing project to develop 20 islands making up the Australasian continent on The World. Investment Dar, a publicly-quoted company on the Kuwait Stock Exchange, and EFAD Holding made the purchase in 2005.

Thailand, which has been called Jasmine Garden, was bought by Dubai real estate company Profile. The company plans to develop it into an eclectic Thai resort.

Austria has also been purchased by an Austrian businessman, Josef Kleindienst, CEO of Kleindienst Group, who declined comment on the price of the island and said it would be revealed in due course.

On the decision to invest in The World, Kleindienst said: "It is predicted that 5-star hotels will provide an exceptional return on investment, which makes The World one of the top investment opportunities compared to other residential and commercial areas in Dubai."

He added: "Beside these financial aspects, I personally believe in The World project as it is so unique that you won't find a replica of it in any other part of the world."