Even some mega projects come back online in Dubai, it looks like “The World” will end in failure.
First there were reports last month that man-made islands were at risk of erosion due to lack of development.
Now UK-based Salya Developments is cancelling a planned $653 million investment in the islands and looking to sell its holdings for a loss, according to Arabian Business:
Finland, a 350,226.00sq ft island, was bought by UK-based Salya Developments, who planned to build a fashion-themed resort on the island. The island is now being offered for resale with a price tag of AED63.2m ($17.2m), a discount of 17 per cent on the original sale price.
The island of Sapporo is on sale for AED77.63m ($21.13m), an 11.4 per cent discount on its original sales price, the report said.
The third island up for grabs is Kathmandu, which is being offered for AED55.48m ($15.1m).
Tiger Wood’s Dubai golf course was also canceled last week.
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