About a quarter of luxury properties available of Heart of Europe, a cluster of six islands off the Dubai coast, have been sold so far, it has been reported.
Josef Kleindienst, chairman of Kleindienst, told Reuters that the company has sold 1,000 out of 4,000 units, with villas and palaces priced from $16 million to $100 million.
He was quoted as saying that the project - which is inspired by European destinations like Germany, Venice, Sweden, Switzerland and St Petersburg - is valued at $5 billion.
It is part of The World, 300 man-made islands shaped like a map of the world.
Kleindienst Group said it aims to complete the project by the time Dubai hosts Expo 2020, which is expected to attract 25 million visitors.
"Our offering is aimed at the second-home target audience and we are confident that Expo 2020 will add value to our proposition," Kleindienst was quoted as saying.
Despite a recent report by S&P Global Ratings which said property prices in Dubai may decline 10-15 percent over the next two years, Kleindienst said he was not concerned about the state of the emirate's real estate and hospitality markets.
He said the project offers "strong capital appreciation and rental yields that make the second-home market a compelling investment opportunity for investors".
In September, Kleindienst invited hundreds of brokers and investors from around the world to visit The Heart of Europe project.
The developer also announced in the same month that it will launch its first hotel in the next 100 days.
It will be located on Main Europe island and the Portofino Hotel is the first five-star, family-only hotel in the region.
The hotel will have a fully-serviced private marina and the whole front-of-house team will be Italian while the time zone and currency will be European, with visitors able to pay in Euros.