http://www.arabianbusiness.com/594023-developer-plans-luxury-homes-on-the-worlds-taiwan-island

Taiwan Island.......

This is a great time for developers to start construction.

http://www.arabianbusiness.com/594023-developer-plans-luxury-homes-on-the-worlds-taiwan-island

Taiwan Island.......

This is a great time for developers to start construction.

No it isnt. There is no demand for this at all.........:ohno:

Well it's certainly encouraging to have Arabtec in the picture.

Well it's certainly encouraging to have Arabtec in the picture.

Yes but Arabtec wont build it unless they recieve money from the developer. The developer cannot pay Arabtec if they cannot sell enough units to fund it all. Banks will not lend on this, Dubai has the worse name on earth now for these absurd projects that have all failed. Where are the clients going to come from who will buy property here?:ohno:

Yes but Arabtec wont build it unless they recieve money from the developer. The developer cannot pay Arabtec if they cannot sell enough units to fund it all. Banks will not lend on this, Dubai has the worse name on earth now for these absurd projects that have all failed. Where are the clients going to come from who will buy property here?:ohno:

Of course, but as far as I hear, the clients they are targeting right now are the super rich who even in such a bad climate have plenty of disposable money. The kind of people who buy Bentleys' and Ferraris' they way most people buy candy bars. No doubt they are scanning such places as Asia, South of France, etc, where there are many many multi millionaires/billionaires who only care about appearances. Clients who may only want holiday homes and who are planning on spending only a few weeks out of the year on The World? Thing is, there aren't all that many units to sell here actually, so who knows? One thing is for sure, if the Kleindienst Group make a success of their http://thoe.ae/ project then it will definitely encourage other developers to get out there. I know, it's a BIG if though. :)

Of course, but as far as I hear, the clients they are targeting right now are the super rich who even in such a bad climate have plenty of disposable money. :)

The people you are describing are not fools. Dubai has such a bad name and a huge number of failed projects. The few projects that have been completed have also been tarnished by the never ending reports of such poor quality and appauling finishes. There is no infastructure here in Dubai to support the lives of the super rich. The boating here is awful, no refueling docks, no professional service outlets and nowhere to go. Dubai is no match for the Med......:ohno:

The people you are describing are not fools. Dubai has such a bad name and a huge number of failed projects. The few projects that have been completed have also been tarnished by the never ending reports of such poor quality and appauling finishes. There is no infastructure here in Dubai to support the lives of the super rich. The boating here is awful, no refueling docks, no professional service outlets and nowhere to go. Dubai is no match for the Med......:ohno:

I agree 100% with everything you're saying, and absolutely, there is no real comparison between The World and the Med full stop! There is never going to be any real comparison here. Not in my book anyway. You just can't compete with, or recreate so many generations of custom and tradition overnight - just because you slap up a handful of villas here and there. It's impossible! Better again - it's moronic to think otherwise. Anyone who is thinking along these lines need to pull their heads out of the sand now! The World and say, my beloved Côte d'Azur, are literally light years apart. And always will be. Believe me, I know this only too well.

I do know a handful of individuals who are showing some interest in The World actually, but getting them to part with their cash is another story altogether. Problem is, they want to "see" progress/developments up and running out there first, while the developers are trying to dazzle them with crap they already have just to kick things off. Nakheel will green light this and any other development right now, they'd OK the opening of an envelope on The World at the moment as they need all the "good news" they can get. Even if it turns out to be as hollow as the vast majority of their projects. Well, it's anyone's guess now as to where all of this is heading??????? :nuts:

please change the title to: #PROJECT: TAIWAN ISLAND (The World)

Taiwan owners on brink of villas deal

Angela Giuffrida

* Last Updated: September 08. 2010 8:57PM UAE / September 8. 2010 4:57PM GMT

An aerial view of The World. Marwan Naamani / AFP

A group of investors who bought an island at Nakheel’s The World development after Dubai’s property sector was gripped by the financial crisis is close to awarding a construction contract for 15 luxury villas.

The investors paid US$14.9 million (Dh54.7m) for the 20,000 square metre Taiwan island at a time when the Dubai World-owned Nakheel was struggling to collect instalments from dozens of other buyers at the archipelago of 254 artificial islands.

AA Properties Dubai (AAPD), a property agent, is responsible for marketing and selling the 12 beach-front homes and three water villas planned on Taiwan on behalf of the investors, who are in discussions with Arabtec Construction about a contract worth between Dh200m and Dh300m.

Jeroen van der Geer, the managing director of AAPD, declined to name the owners but said 30 per cent of the funds needed for the island had been secured.

He said a further instalment of 15 per cent would be paid this month, followed by another 10 per cent by the end of the year, after which Nakheel would hand over the island for development.

Island owners can start construction of buildings only after 55 per cent of them have been sold and paid for, with the balance due 18 months later.

“We hope to award Arabtec the contract … We’ll finalise it once the land has been handed over,” said Mr van de Geer, adding that construction was likely to begin early next year and be completed within two years.

None of the villas has yet been sold on Taiwan.

Mr van de Geer said the villas would be offered for sale once a show-home was built on the island, with the target market being high-net-worth buyers in Asia and Europe.

“We only need 15 people but you need to find them in the right places,” he said. “We’ll be targeting places like the Formula One in Monaco or private jet and yacht events.

“I believe it’s possible to sell although I’ve informed the investors that it won’t be easy to do it off-plan … If people buy something they want the guarantee that it’s going to be built. That’s the problem in Dubai right now, you don’t know how much capital is behind developers.” The investors will aim to rent a neighbouring island from Nakheel to house workers and store materials during the construction phase, Mr van de Geer said.

“This is how you have to do it … The island is too small for workers’ accommodation and materials.”

In December 2008, Nakheel said 70 per cent of the islands had been bought.

Last month, the developer said it had paid back Dh2.5bn of the Dh4bn it owed to trade creditors as it restructured Dh38.56bn worth of debt.

Meanwhile, the City Diamond Contracting company, based in Dubai, is in the process of mobilising equipment ahead of the construction of 20 villas on Germany at The World, according to the company’s chief executive, Deepak Arora.

The company was awarded the contract in June by Kleindienst Group, an Austrian firm that bought six islands that make up The Heart of Europe development.

Only Greenland, which is owned by Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, has so far been completed at The World.

Nakheel has spent an estimated Dh51.4bn on the entire project.

Any news on this?