Dubai's "The World" project

Worldly pursuits in Dubai
No doubt about it - The World in Dubai belongs to the rich and famous. This cluster of real estate is shaped like a map of Earth
Cara Van Miriah, Straits Times 13 May 08;

YOU can buy Australia, New Zealand, Shanghai or even the Antarctica, and develop it into a private kingdom.

But first, you have to be invited to purchase this exclusive piece of real estate located 4km off the coast of Dubai - The World, a spectacular man-made archipelago shaped like a map of Earth.

Every year, 50 invitations are sent to businessmen, celebrities and members of royalty.

Nakheel, the United Arab Emirates-owned property developer behind the project, wants to turn it into the world's first island community for the elite.

Covering 931ha, The World is twice the size of Sentosa, which has a total area of 463ha.

According to Mr Christopher O'Donnell, Nakheel's chief executive officer, half of the 300 islands with names such as Ireland and Shanghai, have been sold.

Although there had been talk that celebrities such as British singer Rod Stewart, footballer David Beckham and Hollywood couple Brad Pitt and Angelina Jolie have each bought an island here, Nakheel did not confirm any of these purchases.

Instead, the confirmed buyers include Chinese businessman Bin Hu who paid 103 million dirhams (S$38 million) for Shanghai island with plans to build a resort; Kuwait-based investment group The Investment Dar and Efad Holdings, which will transform Australasia into a resort with private residences; and Singapore-based firm Cinnovation Group, which will build a 730 million-dirham resort and spa on Nova Island.

Each island, with an average size of 300,000 sq ft, is priced between 73.5 and 183.6 million dirhams, says Nakheel spokesman Aaron Richardson.

He declined to reveal the exact cost of the multi-billion-dollar project. With The World's barren islands, buyers will have to factor in other costs, such as building a house, ferry terminal and desalination plant.

Currently, only one island that is part of Greenland is fully developed with a three-storey glass-framed mansion, equipped with water, sewage and electrical systems. Mr Richardson would only reveal that the island belongs to an 'influential local family'.

According to locals, it is believed to be owned by Sheikh Mohammed Rashid Al Maktoum, the vice-president and Prime Minister of the UAE and ruler of Dubai.

He is also the man behind Nakheel's other island developments, such as The Palm Jumeriah, the smallest of the three artificial palm-shaped islands along the coast of Dubai.

These island developments, along with the skyscrapers rising rapidly from the desert plains, have reshaped Dubai in recent years.

The remnants of the old city, though, is tucked away at the Bur Dubai, known for its winding alleys, beautiful palaces, mosques and old homes.

Just like the old days, the bustling local markets or souks see merchants selling spices, gold, silk, fishes and textile.

As developers compete to build the world's tallest supertower in this fast-growing city, mega-resort Atlantis will open at the 560ha Palm Jumeirah in September.

Located on the Palm's crescent, the facilities will include an Aquaventure water park and a 1,539-room resort.

On the Palm, there are also waterfront condos and double-storey villas, which are located on the 16 'fronds'.

According to Edward Sands Towers properties, which specialises in the Palm's residences, a 1,184 sq ft one-bedroom seaview apartment is priced at 3 million dirhams, while a four-bedroom garden villa, spanning 5,000 sq ft, costs 15 million dirhams.

Homeowners come from China, South America, Britain, the United States and even Nepal.

So far, more than 4,000 properties have been snapped up, with 2,000 families now living on the island.

But with over 5,500 residential units, and more to come from third-party developers plus 30 new hotels, the island is in danger of becoming congested.

The construction of the Palm also sparked environmental concerns. The continuous breakwater was subsequently modified to create gaps on either side to allow tidal movement to oxygenate the water within and prevent it from stagnating.

Mr O'Donnell tells Life!: 'During the planning stages, we have local, regional and international institutions to prepare a comprehensive environmental impact assessment of the marine environment.

'The creation of new landscapes and seascapes promotes the existence of marine life.'

And two F-100 Super Sabre fighter jets have been stripped and sunk near the island to create an artificial reef, intended to encourage marine life.

At the end of this year, Nakheel will be developing yet another man-made island called The Universe.

Spanning 3,000ha of reclaimed land below The World, it will form a cluster of islands in the shape of the solar system. It is expected to have residential units and hotels.

Asked what would follow next, Mr O'Donnell jests: 'We have already conquered The World and next, The Universe. These are icons of Dubai.'

Making of The World
Straits Times 13 May 08;

Design: Map of Earth

Number of islands: 300

Size: 931ha (twice the size of Sentosa)

Reclamation: 320 million cubic m of sand dredged from the sea, plus 34 billion kg of rocks to construct 27km of breakwater

New coastline: 232km

Reclamation period: Five years

Types of real estate: Private homes, estate homes, luxury resorts and community islands, plus retail and dining options

Number of islands sold: Half Price of each island: From 73.5 million dirhams (S$28 million) to 183.6 million dirhams

Average size of each island: About 300,000 sq ft, about 100m between each island

Island facilities:

# Marinas to service estates and customers of resort islands

# Transportation: Helicopter, seaplanes and boats. Journey to and from the mainland takes about 10 to 15 minutes each way

# Coming up: Centralised system to provide water, power and sewage disposal

# Source: www.theworld.ae, Nakheel

The Palm, his island paradise
Before The World, there was The Palm Jumeirah. Fanned out like a palm tree, it is a development that boasts luxury living
Cara Van Miriah, Straits Times 13 May 08;

BRITON Andrew Dukes could have bought a luxurious holiday home in Monaco or France.

But the 44-year-old retired businessman bought not one but two beachfront villas in Dubai, where temperatures can soar to a sweltering 50 deg C during summer.

Mr Dukes, who used to run an animation company based in Britain and Dubai specialising in electronic greeting cards, paid 5.6 million dirhams (S$2 million) for a five-bedroom villa at The Palm Jumeirah in 2006.

In February, he forked out 10 million dirhams for a four-bedroom seafront villa nearby.

Both properties, spanning 5,500 sq ft each, are located along one of the 16 'fronds' of the palm-shaped island.

Mr Duke tells Life!: 'I heard about the villas from my friends a few years ago. At that time, I was considering a holiday home in Monaco because of its proximity to London.

'But Dubai is a better choice because it's a tax-free city. It is also cosmopolitan with a large expat community.'

The Yorkshire-born entrepreneur, who now lives in his second villa, was among the first to move onto the Palm in February last year, according to its developer Nakheel.

He recalls, with a laugh: 'I didn't even see the villa before I bought it in mid-2006. No one was allowed on the Palm until last January. But Dubai is known for its pristine beaches and I like the privacy the Palm offers.'

Mr Dukes' homemaker wife Jane and two daughters - Georgia, 11, and Mariella, nine - live in London and spend about five weeks of the year with him in Dubai.

He says they had initially planned to move as a family but have put that plan on hold for now.

So far, he has spent about 430,600 dirhams furnishing his first villa, which has a modern and colourful interior.

The second villa, which has a contemporary design, is still under refurbishment.

When asked why he bought the second property, he points to The Palm Jumeirah's positioning as a major tourist attraction.

He says he bought the waterfront villa so he could lease his first villa to holiday-makers. He advertises it on his website www.dubai-holiday-villa.com.

Last year, he rented out his villa for 15 weeks when he was visiting his family in London.

With rental rates averaging around 35,900 dirhams for six days, and 1.7 million dirhams for a year, he could recoup his initial investment of 5.6 million dirhams in less than four years.

He says: 'The properties have 12 to 14 per cent annual returns. When the theme parks and hotels are completed in the next few years, the property prices will appreciate even more.'

But the Briton says he has no intention to sell his villas for a tidy profit.

He explains: 'It's a wonderful experience waking up to a beautiful beach every morning. Although it can get very warm between June and August, Dubai has a cool season from September.

'I have no reason to relocate anywhere else in the world. It's a paradise here.'

Palm facts and figures
Straits Times 13 May 08;

Design: Shape of a palm tree, consisting of a trunk, a crown with 16 fronds, and a surrounding crescent island that forms an 11km-long breakwater

Size: 560ha (equivalent to over 600 football fields)

Reclamation: 94 million cubic m of sand and 7 billion kg of rocks

New coastline: 78km

Reclamation period: Over five years

Types of real estate: Villas, garden homes, canal cove town homes and shoreline apartment buildings

Total number of residential properties: Over 5,500

Properties sold: More than 75 per cent

Price of property: From 4.4 million dirhams (S$1.6 million) for three-bedroom seaview apartments to 15 million dirhams for double-storey four-bedroom villas

Island facilities: Beaches, marinas, themed parks, 30 hotels, restaurants, cafes and retail outlets

Transportation: Car and boats

Eco features: Two F-100 Super Sabre fighter jets have been stripped and sunk near The Palm Jumeirah to create an artificial reef, intended to encourage marine life

Coming up: A 5.4km-long monorail is being built on the island, which will transport 2,000 to 3,000 people to and from the island every hour

# Source: Nakheel, Edward Sand Towers

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