Select Group in UK tieup to buy 'The World' islands
Dubai, June 20, 2008
Select Group has announced acquiring two islands – France and Spain - on The World Project, as part of its expanding investment portfolio in the freehold real estate space of Dubai.
Select Group is one of the leading blue-chip real estate majors in Dubai with 8 projects in Dubai Marina, including The Torch and Bay Central.
It has purchased the islands in a joint venture with Select Property, a UK based company. The two companies have worked together since 2004 on numerous Dubai projects.
The plans are to develop France and Spain into Aquitainia - a world class development which when complete will be the most exclusive address in The World, said a copany official.
"The height of expressive and contemporary design, influenced equally by the romance of France and the passion of Spain, residents will come ashore by boat where first class service will await them," Rahail Aslam, chairman, Select GroupTM explained.
“The company has successfully purchased the two most central islands in 'The World' collection - France and Spain. We are excited to be invited to develop on The World, which is one of the most unique projects ever launched."
"We are now in the design stages of the proposed project and have already assembled a team of world-class architects, designers and marine consultants for the project," Aslam added.
He said that with the acquisition of the islands on The World, the group’s current investments in Dubai’s freehold real estate space has now crossed Dh10 billion.
Over the last few years, the real estate major has made significant investments across the UAE, including in Dubai Marina and in Ras Al Khaimah, where Select Group and Select Property have partnered successfully for a joint venture project - Pacific on the Al Marjan Island.
The group is also in the planning stages for a project on the Palm Jebel Ali.
He said the project on The World is scheduled to be launched in the second half of the year.
“Our acquisition of the islands reflects our confidence in Dubai’s real estate market as well as our belief in the success of water front projects. We are in fact the largest private developer in Dubai Marina and we believe Dubai will continue to be a solid real estate investment destination,” Aslam added.-TradeArabia News Service