On 10 January 2008 the final stone on the breakwater was laid, completing development of the archipelago. As of July 2012, a second island, the Lebanon Island (1.5 hectares or 15,045.01 m2 and 482.21 metres of perimeter) was developed and was 'the only island that has so far been developed commercially, is used for private corporate events and public parties.' Project difficulties The Times Online reported in September 2009 that work on The World had been suspended due to the effects of the global financial crisis. Nakheel denied 2010 reports that the islands were sinking into the sea as wholly inaccurate. Despite the denial, The Daily Telegraph reported in January 2011 that an independent company, Penguin Marine, provided verification on the erosion of the islands and the silting of the passageways between the islands. Due to finance and technical problems, Penguin Marine, the company contracted to provide transportation to the archipelago, is attempting to get out of the annual fees of $1.6 million paid to Nakheel properties. Until early 2012, only one of the islands had been occupied by a building (a show home) on it, and commercial or residential properties were not currently being constructed on any of the other islands. Property prices in the Emirates had fallen 58% from their peak in the fourth quarter of 2008. The world economic recovery from the Great Recession has resulted in a rebound for the Dubai real estate market: it has been reported that "residential prices [in Dubai] rose by 17.9% from August 2012 to 2013, while rents soared by 14.9% in the same period." Purchase and development plans The World was supposed to be serviced by four major transportation hubs linked by waterways. Land parcels are supposedly zoned for various uses: estate, mid density, high density, resorts and commercial. A Dubai Infinity Holdings construction planner has stated that developers have been negotiating with Nakheel about temporary siting of a cement batching plant on one of the islands to supply subdivided construction. The plan was for utilities to be routed under water, with water plants at each of the hubs pumping fresh water to the islands. Power was to be supplied by the Dubai Grid and distributed through underwater cables, however as of February 2015 no cables had been laid, so that developers currently have to provide their own power from diesel generators. Wastewater and refuse systems are an individual concern