Local real estate developer Profile has purchased the island of Thailand on The World development off the coast of Dubai for AED 74 million ($20 million). The developer plans to build a AED 400 million

($110 million) residential resort on the island.

Known as Jasmine Garden, the development will involve the construction of a spa, nine beach villas, 56 studio suites, 56 one-bedroom duplexes, nine four-bedroom beach or water villas, and 10 private yacht berths. The resort will cover an area of 25,000 square metres of which 36 per cent will be built-up, 38 per cent will be beach area and 27 per cent will be landscaped. Construction is expected to take 30 months, and will start in mid-2008 once master developer Nakheel, part of Dubai World, has handed over the island. Miami-based Barmello Ajamil & Partners is the design consultant for Jasmine Garden.

The project joins a growing list of schemes planned for the

303-island man-made archipelago. In 2005, Kuwaits Investment Dar and its major shareholder, EFAD Holding announced plans to develop Australasia (MEED 15:4:05).