The owner of Lebanon island on Nakheel’s The World development in Dubai has sold it for AED35m (US$9.5m), Arabian Business can reveal.
Wakil Admed Azmi, who bought the island on the artificial archipelago in 2008, sold the 419,161 sqft island on November 18 2012, according to filings on the Dubai Land Department website.
The sale represents a loss of US$6.8m for the Indian entrepreneur, who paid for the island in full four years ago. The cost of the island and the construction work hit AED60m in January 2012, the Indian businessman told Arabian Business in January 2012, just before its official launch.
A spokesperson at Royal Island Beach Club, the exclusive beach resort on the island, confirmed that it has been under new management since November. The new owners are a consortium of investors, she said.
Read more: http://www.arabianbusiness.com/lebanon-island-on-dubai-s-world-sold-for-9-5m--489898.html
No comments:
Post a Comment