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Saturday, November 28 - 2009

DWC Residential City phase 1 sales begins registrations forecast complete sell out

  • United Arab Emirates: Sunday, March 18 - 2007 at 16:47
  • PRESS RELEASE

Phase 1 of the 7.16 million square metres Residential City at Dubai World Central (DWC) - the massive 140 square kilometre urban aviation community under construction in Jebel Ali goes on sale on 19 and 20 March at Grand Hyatt Hotel, Dubai.

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  • Khalid bin Harib, CEO, Real Estate, Dubai World Central.
    Khalid bin Harib, CEO, Real Estate, Dubai World Central.
"Dubai World Central's prime, mid-cost, free-hold real estate plots will be offered for the first time ever to developers and investors as part of this visionary project's phase 1 development," said HH Sheikh Ahmed Bin Saeed Al Maktoum, Chairman, Dubai Civil Aviation Authority - Dubai World Central, Government of Dubai.

Up to 160 hectares of land of Residential City will be offered to developers who registered interest during Cityscape Dubai - the emirate's premier property show in November 2006. Phase 1 development will eventually house around 50,000 people.

"So far, we have invited over 200 investors who have registered interest in Residential City's development to select plots that meet their requirements," said Khalid bin Harib, CEO, Real Estate, Dubai World Central.

"Residential City has been divided into two sections which offer investors the flexibility to choose either individual plots or several plots depending on what they require. This can be commercial or residential. Development of the freehold projects will be in accordance with strict master plan guidelines and Dubai Municipality stipulations."

After registrations at Cityscape, DWC scrutinised investors to select projects that uphold the stringent criteria they have in place to ensure that the different developments are built in the manner envisioned by the master planners.

"Catering to middle income, Residential City will provide developers and investors 100% ownership of their own land," said Maisoon Thani, General Manager Real Estate, Dubai World Central.

"This is a strategic step for the Dubai real estate industry and will help meet the pent-up demand for mid-cost housing in the emirate, as well as providing homes for the DWC workforce."

"This pioneering development will see land earmarked for construction of extensive mid-cost housing selling cheaper than designated commercial space."

In addition, Bin Harib announced that a dedicated Staff Village will be built to accommodate Residential City's blue-collar workforce.

"Commercial plots will have a height restriction between five and ten storeys and we anticipate investors competing to establish community amenities such as shopping complexes, schools, hospitals and recreational facilities which will ensure the Residential City community thrives," he added.

Development of phase 1 is expected to be completed within 2008.
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Notes and media contacts

About Dubai World Central:
Dubai World Central (DWC) is a 140 square kilometre urban aviation community centred around the world's largest international airport. Currently being built 40 kilometres from the existing Dubai International Airport the project is almost twice the size of Hong Kong Island.

DWC creates a new benchmark in urban planning and destination living designed to support Dubai's aviation, tourism, commercial and logistics requirements until 2050 and represents one of the most important developments in the history of the United Arab Emirates.

Eventually home to 900,000 people, DWC will be true 'city-within-a-city' with all the amenities that make up a world-class residential destination.

DWC, with infrastructure costs estimated at US $33 billion, comprises six specialized clustered zones: Dubai World Central International Airport (JXB), Dubai Logistics City (DLC), which also includes a dedicated aviation area, Commercial City, Residential City, Enterprise Park and a 36-hole golf resort.

DWC is backed by the Government of Dubai and is chaired by His Highness Sheikh Ahmed bin Saeed Al Maktoum, President of the Dubai Civil Aviation Authority - Dubai World Central, Government of Dubai.

About Dubai World Central components:
JXB, when completed, will be the world's biggest passenger and cargo hub, with a capacity of 120 million passengers and more than 12 million tonnes of cargo annually. The airport will have six parallel runways and as many concourses with a 92 metre high control tower that will be an aviation landmark in the Middle East.

DLC will be part of the world's first truly integrated multi-modal logistics platform in a single-bonded free zone environment made up of DLC, JXB, Enterprise Park and Jebel Ali Port. It is designed as the region's unchallenged logistics hub catering to some two billion people throughout the Middle East, Indian Sub-continent, Africa and the CIS, all within three-to-four hours flying time from Dubai.

Commercial City will be DWC's business and finance hub featuring more than 850 towers, ranging from 6-75 storeys in height. The city, expected to employ 130,000 people, will also boast 25 hotels ranging from deluxe, through to five-star, four-star and three-star properties.
Residential City will include a mix of two-storey villas and luxury apartment blocks ranging up to 24 storeys in height. Up to 250,000 people are expected to live in this 'city'.

The Golf Resort will feature two 18-hole golf courses, extensive practice facilities, driving ranges, putting greens, a luxury clubhouse with restaurants and a pro-shop. Up to 2,500 freehold homes will surround the courses. The resort will also feature a high-end boutique hotel.

Enterprise Park will be the region's premier centre of excellence for technology manufacturing and science and technology education.

For more information: Please contact Gladson Ronad at MCS/Action, PO Box 20970, Dubai, United Arab Emirates. Tel: +9714 390 2960; Fax: +9714 390 8161 Mob: +971 50 4533479

or

For more information: Fouad Kassem at MCS/Action, PO Box 20970, Dubai, United Arab Emirates. Tel: +9714 390 2960; Fax: +9714 390 8161 Mob: +971 50 6324150

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