Kleindienst Group, a Dubai developer has announced that they have sold out approximately 85 percent of the first phase of its $5bn Heart of Europe project on The World Islands.
According to a statement, this property is valued at Dhs1.5bn; the sales of which incorporates properties on Germany Island, Sweden Island, and 78 floating seahorses at the St Petersburg Island. Investors were mainly from the UAE (40 per cent) and GCC nationals (30 per cent).
Another statement stated that the handover of stage one began in 2018 and is scheduled to be completed in 2019.
At present, Kleindienst has been able to build a fully functioning transportation center to and from the mainland as well as a production hub including boats, barges, and a batching plant. There are more than 1700 workers hired on site, and this number is expected to grow in the future.
The six-island Heart of Europe project will have a sum of 4,000 units when completely ready, comprising of residential properties and 12 hotel projects.
The company claimed that by August, they intend to finish the 10 ultra luxurious beach palaces on Sweden Island, the 32 residential villas on Germany Island and 40 floating seahorses by the end of the year. They have also planned a soft launch of the Portofino hotel on Mainland Europe island by December 30.
Conversely, the stated later that Germany Island will be totally handed over by the second quarter of 2019.
The founder and chairman of the Group, Josef Kleindienst, said that the company was assuring investors 100 per cent return on investment after twelve years.
He also said that they are the only developer to increase their prices more than 50 per cent owing to the sturdy demand for the second home market, which is a new idea in this area. This is why they are certain that we a continued success will be witnessed year on year during 2019.