DUBAI // A small, oyster-shaped island on the World is being sold second-hand at a knocked-down price.
The island, part of the Asia section, is being sold for a mere Dh105 million - a 15 per cent discount off the original price, according to Oleg Nikitenko, general manager of Sun Coast Real Estate.
It is one of the first islands placed on the secondary market. Mr Nikitenko said the owner had had a change of heart.
Nakheel and the Land Department have approved plans for a 42-room hotel and a mixed villa and apartment residential complex on the 36,661-square-metre island.
"This project is already approved," Mr Nikitenko said.
"If a new buyer needs just the island without the project, he needs to do all the paperwork again."
Mr Nikitenko said the buyer would require a down payment of Dh25m, and an agreement to enter a payment plan with Nakheel for the remaining Dh80m.