Oqyana, also known as Oqyana-World First, is a growing undertaking being constructed on the artificial islands of The World, which is away from the coast of Dubai, United Arab Emirates. The name means Oceanic in Arabic and it will reside in 22 islands of The World, which communicate to the islands of Australasia and New Zealand.
Oqyana will have stunning scenes of the Dubai shoreline and be reachable from the terra firma by a ferryboat service. It is anticipated to be the dwelling of 10-12 thousand people as it will include above 1650 sea-view flats and mansions, 90 aqua homes, about 170 duct homes, and two expensive hotels, and a spa resort.
It is proposed that the islands will have opulence apartments, harbor views, reclusive homes, and a number of residences. The construction of Oqyana will also include a trade hub, an extravagant hotel, a spa resort, restaurants and cafes. Passing through each island will be private passageways with water bridges linking the islands.
Oqyana will inhabit an entire area of 1.87 million square metres and a total inland region of 417 thousand square metres. It will enclose 17 kilometres of interconnected waterways, 5300 metres of shore front and a marina with more than 1500 private yacht moors. The cost of constructing it is US$ 3.5 billion and it's being built by a section of Kuwait-based Investment Dar and was the brain child of Australian-based Woods Bagot. The construction is expected to be completed by 2012.
Oqyana will include an artistic centre for performing arts, a meeting centre, spare time amenities, restaurants, coffee bar and island lifestyle detailed retail. OQYANA World First is bounded by sea, a field fixed against the spectacular Dubai skyline. The islands were chosen as they are one of the neighboring groups of islands to Dubai, and also give the best view of the city.
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I found this rather interesting comment about Oqyana on Arabian News
Off plan sales
When buying off plan, what is the normal practice when a reservation agreement is signed, then after 3 years you are asked to pay an increase of 346% from the original agreed price to get your contract, after the developers have held your money for all this time.
This has just happened to me and approx 9 other people on a project of 2,500 units which will probably be the pinacle of development's in Dubai.
We were the only investors (as far as I know) and 10 units out of 2500 is a very small amount on which is to be a $10 billion development.
It would appear that there is not much you can do about it apart from to look eslewhere to invest in a market where there is better protection for the customers.
Perhaps it is this sort of activity that is going on that is undermining the market and disuading people from parting with their money.
If this sort of practice is allowed to carry on, there will be no confidence in the market as no-one will know who can be trusted.
This undermines the efforts of all the honest and fair developers out there who are comitted to their customers and are not just trying to profiteer from the rising market.
These underhand tactics must be stopped if confidence is to remain in the market place.
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