Developer said to plan 1,500-unit, five-island Pearl of Asia project as joint venture with unnamed partners
The developer Kleindienst Group plans a new five-island, 1,500-unit project on The World manmade islands in Dubai, it has been reported.
Pearl of Asia will be a mixed-use project for which the master planning and concept development will be done in-house by Kleindienst Group, the developer’s group chairman told Zawya Projects.
The project will be part of a joint venture, although Kleindienst did not name the other partners involved, Zawya reported.
“The master planning and concept development is being done in-house, and will be completed in 2017,” Josef Kleindienst is reported as saying, without giving a timeline for the project’s completion.
While the value of the investment was not revealed, the company has said that it will be funded through the sale of additional hotel rooms from The Heart of Europe (THOE) development on The World.
“We didn’t have plans for a second project on The World [islands]. In the beginning, our strategy was not to sell more than 50 per cent of the units. Therefore, we wanted to keep around 2,000 out of the 4,000 units in THOE,” Kleindienst told Zawya Projects.
“But our strategy has changed. We have decided to sell more than 50 per cent of units and shift money to this new project,” he explained, adding that the project will house about 1,500 units.
Situated off the coast of Dubai, The World project consists of 300 manmade islands that add 232 kilometers of new beachfront.
This article was amended on 16 August 2016. The original incorrectly stated that the project would be completed by 2017. In fact, it is the master planning and concept development that is expected to be finished by that time.