Three islands on Nakheel’s stalled offshore project ‘The World’ have been advertised for sale at cut-price rates, it was reported on Wednesday.
The three islands, Finland, Sapporo and Kathmandu were advertised for sale by two Dubai-based real estate agents, with discounts of up to 17 percent, said Emirates 24/7 website.
Finland, a 350,226.00sq ft island, was bought by UK-based Salya Developments, who planned to build a fashion-themed resort on the island.
The island is now being offered for resale with a price tag of AED63.2m ($17.2m), a discount of 17 percent on the original sale price.
Salya had planned to spend AED2.4bn ($653m) developing the islands of Finland and Brunei but company managing director Rakesh Chandola last year said he was reviewing the project.
“At the moment the economics do not make it feasible,” he said.
The island of Sapporo is on sale for AED77.63m ($21.13m), an 11.4 percent discount on its original sales price, the report said.
The third island up for grabs is Kathmandu, which is being offered for AED55.48m ($15.1m).
Construction on the offshore World development has ground to a virtual standstill in the wake of the economic downturn.
Many buyers on the Nakheel-backed chain of islands have failed to begin work, after Dubai’s real estate market saw prices plummet 60 percent from their peak.
Kleindienst Group, owner of six islands, earlier this month said The World was at risk of erosion if construction did not begin soon.
The only notable work has been carried out by Kleindienst, although its 840m Heart of Europe project is also significantly behind schedule.
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