MNG Group buys island of Turkey in Dubai
Posted by meb at June 11th, 2008
The “Island of Turkey” is among 300 properties in the World Islands Project, a land reclamation project in Dubai created by real estate company Nakheel Properties.
The island was sold to Günal İnşaat, an affiliate of MNG Holding, for $50 million. Günal İnşaat plans to construct luxurious villas on the island.
Nakheel Properties initiated the luxury island development along with a series of other artificial island projects in 2003. The development, which sits four kilometers from the city center, features numerous islands designed to resemble a city or country. Completed in January, the islands offer an image of the world in a very concentrated area.
The company announced that the 54 square meter Island of Turkey was sold to a Turkish company at the beginning of this year, shortly after the completion of the project. The company paid $50 million for the island, according to the commercial brand director of Nakheel Properties, Adnan Dawood, who chose not to reveal the date of the sale. The Nakheel Properties generally sell the islands at prices ranging from $15 to $50 million, placing the Island of Turkey at the top end of this range.
source: Turkish Daily News
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