Dubai launches Fashion Island
The creation of a fashion island in Dubai has created quite a buzz among property investors.
The Dubai Infinity Holdings (DIH) group is set to create a fashion island which will be the first of its kind in the world.
The World archipelago is a collection of 300 islands that represent one of the five such manmade projects of its kind. While the sale of the each island within the archipelago has been modest to date, the recent announcement that the Dubai Infinity Holdings investment group will create a fashion island paradise has created quite a buzz among many property investors, increasing the price by nearly 40%. When constructed, it will be the first of its kind in the world.
The resort, which DIH is referring to as Isla Moda, would contain not only a full fledged fashion resort, but it would also contain villas for residents themed on different fashions as well as what DIH refers to as haute couture boutiques to go along with luxurious hospital facilities. The price tag of this paradise is easily in the millions, but officials from DIH would not comment on what the exact value of the island was going to be. As property investors continue to be interested in the project, though, the price tag seems to go up in value.
DIH intends to consult fashion designers of a high-profile from the international community to act as consultants on the project, advising in the areas of fashion, aesthetics and overall general development.
The CEO of DIH, Samira Abdulrazzak, expressed hope that when completed, Isla Moda would seal Dubai’s position as being one of the top if not the top destination in the world for fashion and lifestyle. She went on to say that the island would become “a natural home for all the world’s top fashion luminaries.”
Isla Moda will also host international fashion events upon completion with a number of high profile designers and the world’s largest and most powerful fashion companies in attendance.
The first phase of construction for Isla Moda is set to begin in October of 2008.