Dubai authorities okay Floating Seahorse as villas

Dubai-based property developer Kleindienst Group on Monday said that its Floating Seahorse has been registered as villas by the government authorities in Dubai, which means the owners will potentially be able owning ocean plots for the first time in the world.
The Floating Seahorse Villas will be known only as Villas, which is being developed by the group's The Heart of Europe development.
It had obtained approval both from the Dubai Land Department (DLD) and Real Estate Regulatory Authority (Rera) for the Villas, the company said. Out of 131 units, it will hand over 78 units in 2019 with each Villa priced at Dh20 million. Each villa spans over 4,000 square feet across three levels.
The company said that that the buyers of these floating villas will be able to own the ocean plot beneath the Villas, but it's subject to authority approval.
"Once completed, it will allow owners to treat their property in the same way as an on-shore one and the plot on which a property sits is usually valued between 20 per cent and 50 per cent of the total asset value," Kleindienst Group said in a statement on Monday.
"The registration of The Floating Seahorse Villas as a Villa is the first step to enabling people to have a title deed to their own piece of ocean. It will make true ocean-living a reality for the first time in the world," said Josef Kleindienst, founder and chairman of Kleindienst Group.
The developer said that it had the permission to apply this title to The Floating Seahorse Villas in other locations if it chooses in the future.- waheedabbas@khaleejtimes.com