The World Island - France and Spain Sold

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