Nakheel sells Australasia segment of The World

The Investment Dar, a publicly-quoted company on the Kuwait Stock Exchange, and EFAD Holding, a major stakeholder in The Investment Dar, has purchased the Australasia segment of Dubai’s ‘The World’ project and will develop it into what it labels 'a sanctuary of supreme lifestyle'. This real estate and tourism get-away, second home destination is to be known as OQYANA.

Named after the Arabic for Oceanic, OQYANA, which will have an end-created value of US $3.5 billion, will be a quantum leap in Dubai’s freehold real estate offering with a unique concept and a commitment to service and finishing levels never before seen in the region.

“This particular land mass on The World was selected because of its location,” explained Adnan Abdul Qader Al-Musallam, Chairman and Managing Director, The Investment Dar.

“OQYANA 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.”

OQYANA, which is made up of a group of man-made islands on The World, lies just four kilometres offshore Dubai’s Jumeirah Beach coastline.

“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 the absence of cars in the environment. Transport, instead, will be by walkway links and inter-island ferries,” said Al-Musallam.

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

“Construction will commence by the end of 2008 or early 2009 and we envisage it will take three to four years to complete,” added Al-Mussalam.

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 luxury 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.

“Our shorefront mansions will come with a private beach frontage as well as a super-yacht berth – assets which, in the Middle East can only be found on OQYANA and elsewhere are only available in Central Florida’s Boca Rattan resort and on the Grenadine island of Mustique,” said Waleed Al-Humaidhi, Chairman, EFAD Holding. 

“These mansions, which will be designed to deliver timeless elegance, will not be accessible to anyone but their owners. Building and finishing will be absolutely world-class with many of the materials used being brought into the region for the first time.”

OQYANA’s freehold offerings are to go on sale at the Arabian Travel Market, the Middle East’s premier travel and tourism show, which will run at the Dubai World Trade Centre from May 3-6. OQYANA will exhibit in the Nakheel pavilion.

“These will be the first freehold properties on The World to go on sale and offer a fantastic first-mover opportunity to discerning investors looking for a unique address  on a project of truly world-class standing,” said Al-Humaidhi. “We anticipate strong initial take-up for OQYANA properties because of their distinct location, individuality of design and concept, and because the destination itself will be like no other place on earth.”

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

OQYANA will be linked to the Dubai mainland by a ferry service and will also feature two high-end hotels, one of which will incorporate a spa resort.

OQYANA will also have around 1,500 boat berths, some of which will be private berths belonging to villa owners with others on water piers throughout the project. The destination will boast a substantial area of upscale retail and all community facilities expected of a high-end, elitist project will be incorporated.

“We anticipated strong demand for the project emanating from the GCC, Europe, Russia, the CIS, the USA and certain parts of Asia, Australasia included,” said Al-Humaidhi.

An elite destination in itself, 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.

Sultan Bin Sulayem, Executive Chairman of Nakheel said as master developer of The World, his company is solidly supporting the emergence of OQYANA.

“This concept will deliver a destination which will redefine the new Dubai lifestyle,” said Bin Sulayem. “It also lives up to Nakheel’s overall vision of delivering projects that capture the imagination and defy expectations. OQYANA will be the sanctuary of supreme lifestyles.”

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