Farayand Virtual World

* Investment Dar to pour $3.5b in 'The World'

DUBAI — The Investment Dar, a publicly-quoted company on the Kuwait Stock Exchange, and EFAD Holding, a major stakeholder in The Investment Dar, will develop Oqyana at Dubai's ‘The World' project which is projected to be overall valued for $3.5 billion.

This was announced at a press conference held yesterday by Adnan Abdul Qader Al Musallam, chairman and managing director of The Investment Dar in the presence of Waleed Al Humaidhi, chairman, EFAD Holding and Sultan Bin Sulayem, executive chairman of Nakheel.

The Oqyana islands have been purchased from the master developer Nakheel that is scheduled to hand over the land in the third quarter of 2008.

Adnan Abdul Qader Al-Musallam, told the Press, “The construction will commence by the end of 2008 or early 2009 and it will take three to four years to complete. The islands which make up Oqyana will cover some 97.3 acres (39.38 hectares) in total and produce a chic ocean lifestyle in tranquil surroundings enhanced by walkway links and inter-island ferries.''

When asked about the reason for choosing the Australasian segment from 'The World' project, the chairman said: “This particular land mass on 'The World' was selected because of its location. It will be the closest development to the mainland, it will have the best views of Dubai from The World and the entire destination can be isolated as it has no extensive public water corridors running through it, providing the highest privacy levels for residents.”

The initial Oqyana concept allows for in excess of 1,500 sea-view apartments all with panoramic ocean and harbour vistas, 90 secluded water homes linked to islands via walkways, approximately 170 exquisite canal homes and more than 150 beachfront mansions in a choice of three styles. In all, between 10,000 –15,000 people are expected to take up residency on Oqyana.

Regarding the safety and protection, Waleed Al-Humaidhi, said: “There will be Break water protection for all the islands which will be done by experts from Holland and the most of the houses will be two-storey and building and finishing will be the best quality with many materials being used for the first time in this region.'' Oqyana will also feature two postcard landmarks, a towering lighthouse, with several ‘underwater' storeys, which will house all the destination's central utility facilities and be a beacon to the entrance of the main Oqyana harbour, and an iconic, nautically-inspired island hotel linked to other islands by a high span bridge.

Oqyana's freehold offerings are to go on sale at Arabian Travel Market, in the Nakheel pavilion which will run at the Dubai World Trade Centre from May 3to 6. Sultan Bin Sulayem, said: “This concept will deliver a destination which will redefine the new Dubai lifestyle. It also lives up to Nakheel's overall vision of delivering projects that capture the imagination and defy expectations. As master developer of The World, his company is solidly supporting the emergence of Oqyana.''

Better Homes LLC of Dubai, one of the UAE's leading real estate companies, will assist with the marketing of Oqyana properties at Arabian Travel Market.

(Source: Khaleej Times)