The World is yours

The luxury development will be back on the market by the end of 2010 Discuss this article

Real estate companies in charge of a number of islands in Nakheel's The World project are planning a return to the sales market in the second half of 2010, it has been reported.

Firms tasked with selling units on Spain, France and Kazakhstan say they hope by then there will be a renewed appetite for off-plan investment.

Developers of islands in the ambitious scheme postponed work and withdrew off-plan sales in the wake of the financial crisis but by summer 2010, under-construction apartments and villas are poised to go on sale, Emirates Business reported on Monday.

Mark Scott, CEO of Select Property, owner of the France and Spain islands, told the paper: "We have not been trying to market our high-end product over the past 12 months. With The World, we are starting to see a lot of interest now, specially in the villas, and we expect to be actively marketing again during the second half of next year."

He added that his company would review its pricing strategy closer to the sale date.

Sofia Zigangirova, CEO of Stars Dome Realty, the real estate agent handling the Pangkor Laut project on Kazakhstan island, said: "We are not selling at the moment because we realise there is no point doing it now. But we will open the second phase of our project for sales when we complete the mock-up villa, which we expect to happen in May 2010."

Stars Dome sold 40 percent of the project's residential offering before the downturn and has since halted sales, the paper added.

The World consists of 254 islands of which 175 have been sold and 33 handed over to developers.