QDC's shareholders are UDC, with 46 per cent, Belgium's Dredging International, with 44 per cent, and the government, with 10 per cent. Its contract, covering the dredging of about 16 million cubic metres of material, will take 17-18 months to complete, with phase-1 reclamation due to be completed in six months. UDC's marine consultant is Denmark's COWI, while the US' Parsons International, which headed the masterplan team, has been appointed infrastructure consultant. Construction of the phase 1 buildings on the island is due to begin in March 2005 and be substantially completed by the autumn of 2006. Overall project completion is set for 2009.
The island, located 350 metres offshore, will comprise 10 themed districts, which will eventually house some 30,000 residents in more than 7,600 homes. In addition, it will comprise three luxury hotels, four marinas with moorings for over 700 boats and 60,000 square metres of retail and restaurant space.
UDC is preparing to start marketing plots to potential investors in May.
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