Cityscape Dubai 2006 will showcase some 160 hectares of land available in Phase 1 of Residential City - which will eventually house 250,000 people. Actual land sales are scheduled for March 2007.
"We have almost 800 hectares of land set aside for development in Residential City," said Khalid bin Harib, CEO, Real Estate, Dubai World Central.
"By effectively splitting Residential City into three sections, we have been able to establish a scale, or range, of prices for plots which can be sold to investors wishing to focus on a particular aspect of development, be it commercial, residential or civic.
"In March 2007, investors will be able to purchase land plots where they can then develop freehold projects in accordance with strict master plan guidelines and Dubai Municipality stipulations.
"Cityscape allows us to register interest so we can heavily scrutinise investors to select projects that uphold the stringent criteria we have in place to ensure our 'city-within-a-city' is built in the manner we have envisioned."
In addition, Bin Harib announced that a dedicated Staff Village will be built to accommodate Residential City's blue-collar workforce.
The Dubai Metro will serve Residential City, as will a dedicated road network, and certain plots have been reserved to accommodate the light rail system - the first in the UAE.
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Posted by Anne-Birte Stensgaard, Senior News Editor
