LIMITLESS, controlled by Dubai World, has said it is reviewing its World Island Resort, a $350-m luxury development planned off the coast of Dubai.
The developer will make an announcement on the 10.5-hectare luxury resort located on a manmade island 14 km off the emirate’s coastline at “an appropriate time,” said a Limitless spokeswoman.
“We are carefully reviewing our various projects in light of the world economic crisis. We have already adjusted the pace of development to reflect current market conditions and we will continue to do so. We will make an announcement on World Island Resort at an appropriate time,” she said.
Comprising 53 villas and water homes and a hotel with a spa, in addition to restaurants, art galleries, auction rooms and conference facilities, World Island Resort was launched in September last year by Limitless. It was to be positioned on the north-east perimeter of The World, a development by Nakheel, also part of Dubai World.
Earlier this year, Limitless cut seven per cent of its workforce and delayed a key contract on its $61-billion Arabian Canal project due to the global downturn.
Limitless said work was progressing on its Downtown Jebel Ali project. In April, 250 plots of land were ready for handover on the 200-hectare development.