Affluent Page - Index

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Dubai
The World
Stepping foot on all seven continents is a mission
that takes many travelers a lifetime, but at The World in
Dubai, it will be possible to accomplish in a day. When
complete, The World will feature resorts, residences, and
retail shops atop an archipelago of 300 man-made islands
in the shape of a world map. The $14-billion project is
expected to require 34 million tons of rock and 419 million
cubic yards of sand dredged from the Arabian Gulf.
The islands range in size from 5.7 to 21 acres, cost $15
million to $50 million, and require one of 50 or so annual
invitations from the Dubai-based developer Nakheel for
anyone who cares to own one.
So far, close to half of the islands are spoken for, with
Dubai-based developers leading the surge. The first licensed
residential development to be announced is Jasmine
Garden. Built on the island of Thailand, it will
boast Thai-style architecture, a spa, a market area anchored
by a Thai restaurant, and a marina. Residential
choices include studios, one-bedroom lofts, villas with
private beaches, and water villas with boat slips.
Other developments in the works include Nakheel’s
Coral Island, a collection of 300 homes with a hotel and
spa across 20 connected islands in the North American
region. The World’s largest resort development will encompass
the 21 islands that make up Australia and New
Zealand. Oqyana, which means “oceanic” in Arabic, will
hold two hotels and a variety of residential communities
consisting of 2,000 apartments and 200 villas, many which
come with private beaches and boat berths.
Chinese businessman Bin Hu purchased Shanghai island
for $28 million, and an Irish developer bought the
island of Ireland for $38 million, but most of the islands
are not under the rule of their countrymen. In Antarctica,
German Formula One race car driver Michael
Schumacher will have a $7-million plot gifted by Dubai’s
crown prince, Sheikh Mohammed bin Rashid Al Maktoum.
The Russian islands of Orenburg and Rostov
will be developed into the Greek-influenced Perseus
Resort and Spa. On the island of Greece, European hotelier
Baron Jean van Gysel laid down $15.5 million to
launch a 65-room, Architetti Associatti-designed contemporary
boutique hotel and residences under the V brand
name. Those who purchase a home at V. . . Greece on The
World will be entitled to stay in residence for two months
annually and then split the property’s rental income from
the remaining months.
MARCH/APRIL 2009 AFFLUENT PAGE LUXURY INDEX 55