Two of the Major Private Islands in The World Development were sold yesterday - Spain and France

One of Dubai’s leading blue-chip real estate majors announced yesterday that it has acquired two Islands in Nakheel’s ”The World,” development - Spain and France – Select already has eight other projects in Dubai, including The Torch and Bay Central in Dubai Marina. Select Group have purchased the islands in a joint venture with Select Property, a UK based company.

The plans are to develop France and Spain into Aquitainia - a world class development which when complete will be the most exclusive address in The World. The height of expressive and contemporary design, influenced equally by the romance of France and the passion of Spain, residents will come ashore by boat where first class service will await them.

Rahail Aslam, Chairman, Select Group said: “The company has successfully purchased the two most central islands in The World collection - France and Spain. We are excited to be invited to develop on The World, which is one of the most unique projects ever launched. We are now in the design stages of the proposed project and have already assembled a team of world-class architects, designers and marine consultants for the project.”

He said that with the acquisition of the islands on The World, the Group’s current investments in Dubai’s freehold real estate space is nearing $3 billion, with sizeable investments across the UAE, including Dubai Marina and Ras Al Khaimah, where Select Group and Select Property have partnered successfully for a joint venture project – “Pacific,” on the Al Marjan Island. The group is also in the planning stages for a project on the Palm Jebel Ali.

He said the project on The World is scheduled to be launched approximately in the second half of the year. “Our acquisition of the islands reflects our confidence in Dubai’s real estate market as well as our belief in the success of water front projects. We are in fact the largest private developer in Dubai Marina and we believe Dubai will continue to be a solid real estate investment destination.”

Select property is a relative newcomer, but has sold more than 4,000 properties since their inception in 2004.

Select Property

Any one looking through the recent announcements of world-wide luxury property investment developments could be forgiven for thinking that Dubai is the only country in the World still building new projects, and it is fair to say that Dubai appears to have plenty of room left for more. This is some of the most recent announcements.

Nakheel’s Waterfront development

is attracting a huge amount of interest, both from developers and investors, with many announcements selling out within a short space of time. Most recent, is

Cirrus’ mixed use project, Aquarius Gate

. The commercial tower at Aquarius Gate will be twenty-nine stories high, and offer panoramic views of the Arabian Gulf and the Palm Jebel Ali from its. Six glass elevators will provide uninterrupted views of the sea. (until the next water based development.) And the luxurious residential tower will offer views across the Canal, the Marina and the Palm Jebel Ali.

Burj Park Dubai

was announced last week, another luxurious waterfront development and within walking distance of the Buj Dubai and the Dubai Mall. What with the current state of traffic in Dubai, it’s fair to say walking is a sensible option.

The Burj Al Alam

, a luxury retail mall, is also planned and expected to be completed around mid-2011.

Raffles Dubai

recently joined the Al Basel consultancy network to promote their hotel in the hospitality sector.

Construction continues apace on the

Burj Dubai,

which is currently the world’s tallest building, despite the fact that it is still unfinished.

The World Islands development

recently completed the breakwater and one of the first announcements was the

luxury boutique hotel on “Greece,

” by European arcistocrat, Baron Jean Van Gysel de Meise.

Despite some suggestions that Dubai’s luxury real estate sector is headed for a crash, there seems to be no end in sight at the moment and more developments are being announced, almost on a daily basis.