UAE-based Select Group has announced the launch of its 5.5 billion dirham ($1.5 billion) private island development, Aquitainia, on The World archipelago off the coast of Dubai promoted by Nakheel.

Aquitainia, which combines the islands of France and Spain, was recently acquired by Select Group in a 50/50 joint venture with the UK-based property company, Select Property.

Select Group and Select Property have worked together on hugely successful projects since 2004.

'It is an honour to launch this development on The World. Aquitainia is a signature project on our 10 billion dirham portfolio of freehold properties in Dubai and is yet another significant move affirming our belief in guaranteed and sustained value escalation of waterfront properties benefiting investors,' Select Group chief executive Rahail Aslam was quoted as saying in a Gulf Daily News report.

Due for completion in 2012, the development is a collection of 816 units, ranging from one and two-bedroom suites, three-bedroom penthouses, land and water villas, all offering incredible views.

In addition, a 75-room boutique hotel, which will be operated by a five-star internationally renowned hotel brand, will service the suites, penthouses and villas spread across the islands. Aquitainia will also have numerous marinas with berths for hundreds of boats.