Second island in Dubai’s $5bn Heart of Europe project sells out

Property developer Kleindienst Group has sold out the second island in its $5bn The Heart of Europe project on Dubai’s World Islands, it announced on Monday.

All the 32 villas on Germany Island have been sold as “second homes”, the developer said in a statement.

Earlier this year, Kleindienst announced all the 10 mega beach palaces on Sweden Island were sold out. The palaces have been sold to two European billionaires and eight royals from the Middle East.

Also read: Pictures: Kleindienst unveils first Sweden Beach Palace on Dubai’s World islands

Construction on Germany Island started in early 2018 with completion anticipated by Q2 2019. Handover is expected to start by the end of this year.

Germany Island will be constructed in the shape of a horseshoe with the design based on the Bauhaus style.

The units, including 15 beachfront and 17 lagoon villas, were priced at an average of Dhs26.2m and Dhs11.5m respectively.

Each villa will be powered by green energy and solar power. Landscaping will include bended palm trees and vegetation, which is expected to “reduce the temperature naturally by up to 4-5 degrees”, the statement said.

The island will also feature German food, fruits and beverage options and host traditional festivals.

The project has attracted significant interest from European investors, who prefer to see part-built/built units, the company said.

Josef Kleindienst, founder and chairman of Kleindienst Group said: “We have witnessed strong interest from UAE, GCC and now European investors in second homes on The Heart of Europe, which reinforces that Dubai is ready both for this concept and a new investment opportunity with guaranteed returns.

“Out of our 4,000 units that will be available, we have now sold over 1,000 units to a mix of buyer nationalities and we will bring more new investors from Europe in Q4 this year and beyond.”

He added: “Our project is on track and we recently increased the number of workers to approximatively 2,000, as we move towards the handover of the first homes at the Heart of Europe very soon.”

The developer is planning to complete 40 of its ‘floating seahorse’ villas – each costing upwards of Dhs15m ($4m) –
 by the end of this year. The company is building 131 seahorses in total, 60 of which have been sold, Kleindienst confirmed earlier this year.

Sweden island is also slated for completion by the end of 2018, while Kleindienst is also aiming to soft-open the Portofino hotel on the Mainland Europe island on December 30.

Concrete work on the hotel only started this year, and Josef Kleindienst said the company was hoping to achieve a “record” for being the first to build a hotel in one year in Dubai.

Also see: Video: $5bn Heart of Europe project with snow rooms and seahorse villas takes shape in Dubai