The changes buyers must agree upon are to hand over voting rights on the homeowners association to the developer, allow the developer to take over the unit if the buyer “defaults under any of its obligations”, and give Select the ability to transfer sale contracts to third parties.

275 of the buyers have received the same amendments, which applies to units purchased under a long-term payment plan. James Rooney, a UK citizen who bought an apartment in The Torch told The National:

“What they are trying to do is force us into signing away our control”

Select said the changes were necessary to securitise the debt from these long-term plans, but the buyers are not willing to give up without a fight. Rooney added that an investor group had been formed in London and that the 25 group members together has sought legal advice.

The Torch

The Torch is located in Dubai Marina and is the tallest residential tower in the world, reaching 345 metres above the ground and housing 676 apartments. About 600 of those apartments were sold during Dubai’s property boom between 2005 and 2008.

World Island Resort – on the north-east perimeter of The World development – is the tenth project for Limitless and the latest addition to its growing global portfolio, currently worth more than US$100 billion. It will be showcased at Cityscape Dubai next month.

World Island Resort will comprise 53 villas and water homes. Among them, 23 privately-owned villas, ranging from 650 to 820 square metres, offered for sale by invitation. Each will have a beachfront location or sea frontage with a private jetty, summerhouse and mooring facilities, and will come with its own spa treatment room, swimming pool, rooftop garden with outdoor kitchen, landscaped ground level garden overlooking the sea and internal elevator. The villas will be serviced by the hotel and can be leased back to the hotel when they are not being used by their owners.

The hotel – the first of several luxury hotels planned by Limitless – will focus on health, wellness, relaxation, world-class cuisine and the arts. It will feature a 2,000 square metre spa; an amenity building including specialty restaurants, art galleries, auction rooms, conference facilities and libraries; and luxurious accommodation in 30 villas or water homes. At its heart will be a calming lagoon with water features and a social clubhouse. There will also be a reception suite on the Dubai mainland: residents will reach the island by a private boat.

Like all Limitless developments, World Island Resort is designed on a human scale, and will be constructed in line with international sustainability and environmental standards.

Saeed Ahmed Saeed, CEO of Limitless, said: “In delivering World Island Resort we will draw on our expertise in waterfront development and the creation of distinctive projects that enhance and enrich people’s lives.

“World Island Resort will set a new global benchmark in the design and operation of luxury resorts. It is the flagship for Limitless’ waterfront hospitality developments and the launch pad for a range of high-end hotels we are planning in other waterfront and city locations.”

Construction will begin towards the end of 2008, with completion in around two years.

World Island Resort can be seen at the Limitless stand (ZJ20) at Cityscape Dubai 2008. Limitless will also display nine other projects: Arabian Canal and Downtown Jebel Ali (UAE); Sanaya Amman (Jordan); Al Wasl (Saudi Arabia); Khimki Region (Russia); Bidadi (India); Puteri Harbour and Malaysia International Halal Park (Malaysia) and Halong Star (Vietnam).