Lebanon Island sold for $9.5 million only
18/02/2013
One of the 300 Artificial Islands of the The World Development was formerly bought by Wakil Admed Azmi during the Real Estate boom-time in 2008, an Indian Entrepreneur who has fully paid the property. It is the Lebanon Island that has a total of 419, 161 square feet. However, it has never been developed and generated income since then. For this reason, the owner has decided to sell the property to the Second Party.
Based on the report, the above-mentioned Indian Owner has sold the island for only $9.5 million on November 18, 2012 to a consortium of investors. He has almost lost around $6.8 million in total. In fact, according to him, he said that the total cost of the island as well as the construction work in January 2012 reached approximately AED60 million.
So, since it was sold, the spokesperson at Royal Island Beach Club which was successfully opened last year confirmed that the club has been already under new management so far. In other words, it has been starting to operate since May 2012 by the former owner; but, eventually, in the month of November of the same period, it has been under the new ownership.
Now, most of the owners want to sell their islands because of being affected by devastating economic downturn that didn’t let them begin their construction; or rather they could not be able to develop the islands due to lack of vital infrastructure in particular.
Based on the report, the above-mentioned Indian Owner has sold the island for only $9.5 million on November 18, 2012 to a consortium of investors. He has almost lost around $6.8 million in total. In fact, according to him, he said that the total cost of the island as well as the construction work in January 2012 reached approximately AED60 million.
So, since it was sold, the spokesperson at Royal Island Beach Club which was successfully opened last year confirmed that the club has been already under new management so far. In other words, it has been starting to operate since May 2012 by the former owner; but, eventually, in the month of November of the same period, it has been under the new ownership.
Now, most of the owners want to sell their islands because of being affected by devastating economic downturn that didn’t let them begin their construction; or rather they could not be able to develop the islands due to lack of vital infrastructure in particular.
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