Development of the first of The World islands is expected to start as early as next month, while the others await final clearances and permissions from the regulatory body, Trakhees.
Major construction activity on Nakheel's project will start in the second quarter of next year, Emirates Business can reveal.
Work will begin on as many as 20 islands, said the master-developer.
Buyers have revised initial designs to factor changes in the economy and are now set to progress with construction of properties.
"We are working with a core group of purchasers who are revising their designs to account for the changes in the economy," said Nakheel's Marwan Al Qamzi, Group Managing Director, Projects, in an exclusive interview.
"These developers are moving forward with revising their plans and entitling their projects. Scopes have been updated to match their development strategies and construction commencement is anticipated for Q2 2010. Most construction schedules run for two to three years." Safi Qurashi, who bought the "Great Britain" island for $58 million (Dh212.8m)in March last year, said his company, Premier Real Estate Bureau, will soon announce details of the project.
Mark Scott, Chief Executive Officer, Select Property, said his company would begin construction on Aquitainia – a fusion of "France" and "Spain" – by the second quarter of 2010.
Al Qamzi said Nakheel was now focusing on supporting purchasers as they update their development strategies and move forward with their projects.
Source: Emirates Business 24/7
More news from Premier Real Estate Press page