Dubai based developer Nakheel is planning on adding a luxury boutique resort to the list properties on 'The World' its man made archipelago. This $3 billion development is made up of over 300 islands and has taken 5 years to complete. So far 50% of the islands that make up The World have been sold. Each island sells between $15 and $50 million, but the total expense for the buyer will be much higher since Nakheel doesn't provide any help with the infrastructure. The most recent purchase has been made by European hotelier Jean van Gysel. The resort is expected to cost $170 million and will have a sale price of $200 million.
Expected to carry the luxurious 'V…' branding, the resort will be designed by Italy-based Architetti Associatti. The World will hold one of the 5 hotels that Van Gysel plans for the Middle East. Construction is to set to begin December of 2008. The resort is to be called 'V… Greece on The World'. Investors in the property will be given access at least 2 months out of the year and will receive 50% of the gross revenue for the remaining 10 months. The hotel expects to open its doors in 2010.
Some of the features that Greece on The World will contain include a 1,000 foot marina capable of mooring 16 private boats. The all inclusive resort will also house luxury restaurants as well as a spa to serve all of the needs a tourist may have. The complex is expected to span a 45,000 square foot area.
Of the project Van Gysel states that,” Service in Dubai is not up to par. V… Greece plans to change that.” The luxury hotel expects to set the new standard for luxury living in Dubai.
