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FINANCIAL NEWS
UAE- Another ‘The World’ island for sale at USD28.6m
11 Jan 2012
(MENAFN) Oleg Nikitenko, general manager of Sun Coast Real Estate Brokers which is an owner in Nakheel’s ‘The World’ development, stated that the company decided to put its ownership in the project for sales at an asking price of USD28.6 million, reported Arabian Business.
The majority of the asking price accounts for payments yet to be made to Nakheel according to a payment plan, Nikitenko said.
Although the company secured approvals for the development of several hotels and residential units, constructional work hasn’t been started on the island that belongs to Sun Coast Real Estate Brokers.
It is worth noting that this project faced severe financing struggles after the global financial crisis hit back in 2008. Since then, 5 islands were put up for sale with reduced prices as developers tried to escape this very expensive project.
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