By Beatrice Thomas
Deal to buy Lebanon is one of numerous The World islands currently being offered for sale
A Bollywood star is in talks to potentially buy a $19m manmade island off the coast of Dubai for use as a private resort, Arabian Business can reveal.
The Royal Island Beach Club, the first development to open on Dubai developer Nakheel’s world islands project, is being sold for AED70m ($19.06m) in one of several islands to go on the market in recent weeks.
The sale, which is being advertised by multiple real estate agents on online property website Dubizzle, includes the entire 419,000 sqft (127 sqm) Lebanon Island, which features a beach club, chalets, water sports, a “ready beach” and pool.
Zabadani Real Estate owner Anil Gehani, one of the selling agents, confirmed it came on the market after recently changing hands and had already attracted a lot of interest from potential investors in Russia, Iran and Pakistan.
He said he was also in talks with a Bollywood film star who had expressed interest in buying the property for private use.
“It’s for a resort or private use,” he told Arabian Business. “He’s one of the film stars who want to have that listing for themselves.”
Construction of the 300 artificial islands making up The World began in 2003 and finished in 2008 but property development was halted amid Dubai’s property downturn, when nearly half of projects were mothballed and prices slumped by up to 60 percent.
Late last year, sources claimed master developer Nakheel was planning to build a road to link the mainland to the islands, which are about 4km off Jumeirah Beach, while this year developer Kleindienst Group started construction on the Heart of Europe project after reaching an out-of-court settlement with Nakheel subsidiary The World LLC for AED622m last year.
Gehani said Lebanon was one of five islands in The World that he was currently selling. All were between 150,000-180,000sqm and all had development approval for hotel resorts or residential villas, he said.
“The market is picking up,” he said. “The world is under crisis but Dubai is rocking. There is a great potential, because of Expo 2020, there’s a great interest in Dubai and it’s rocking. Where in the world can you get infrastructure like this?”
Another island recently added to Dubizzle for sale, a 393,739 sqft island located in the 'Asia' region is being advertised with an asking price of AED110m, with buyers required to make an AED30m down payment followed by a AED80m payment to Nakheel.
According to the advertisement posted by IMEX Real Estate, it has development approval for a 10,000 sqm hotel featuring 42 rooms, a shopping mall, restaurant, night club and day spa.
A separate 37,000 sqm residential complex comprising apartments and villas is also possible.
The 152,000 sqm Pearl Island is also being advertised on Dubizzle for AED12.61m.
Approved for mixed-use development of G+3 floors, future buyers could build villas, apartments, a resort, hotels and restaurant, with selling agent Antonina Turdalieva, of Aqua Properties, saying it was the only island with sub-division approval for its 17 plots averaging 1,900 sqm.
She said interest had come from India and Pakistan as well as local investors, though buyers had to be prepared to spend money establishing island infrastructure such as utilities.
“You can still of course get investors who are quite interested, but still they need to spend a lot of money to build this million-dollar castle,” she said.
beatrice, what's the point of having this article when there is no name of the star?
and we all know its not the star that is buying, its probably an endorsement!
come on !
Must be crazy! Nakheel will never finish the infrastructure.
Dear AB, is this really an article or news to be Editors Choice? its more like an advert for the real estate agency............ and a rather wrong choice of words for the headline to make it sound sensational.
just my feedback as I am big fan of Arabian Business and enjoy reading it everyday.
Ive heard of these 'stars' wasting peoples time wondering around looking at large developments making promises only to vanish into the air. All talk!
Bollywood stars don't have any million dollars. They dance in weddings to get some cash.