Dubai developer Kleindienst Group announced that it has sold out 85 per cent of the first phase of its $5bn Heart of Europe project on The World Islands. Valued at Dhs1.5bn, the sales included properties on Sweden Island, Germany Island and 78 floating seahorses.

Investors were predominantly from the UAE (40 per cent) and GCC nationals (30 per cent). Handover of phase one started in 2018 and is slated to be completed in 2019, the statement added. Currently, Kleindienst has built a fully functioning transportation hub to and from the mainland as well as a construction hub including barges, boats and a batching plant.

Over 1,700 workers are working on site, with the number expected to grow further. The six-island Heart of Europe project will have a total of 4,000 units when fully ready, including residential properties and 12 hotel projects.

In August, company had said that it aimed to complete 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. It also planned to soft-launch the Portofino hotel on Mainland Europe island by December 30.

However, the company later said that Germany Island will be completely handed over by the second quarter of 2019. Josef Kleindienst, founder and chairman of Kleindienst Group said that company was guaranteeing investors 100 per cent return on investment after 12 years.

“As the only developer to increase our prices more than 50 per cent due to strong demand for the second home market, a new concept in this region, we are confident that we will witness continued success year on year sales increase during 2019,” he said.