Over 200 plots spread over 160 hectares were bought in an exclusive 'by invitation' land sales event with corporate buyers leading the investor rush.
"A large percentage of the investors were corporate houses aiming to provide their employees subsidised housing," said Khalid bin Harib, CEO, Real Estate, DWC. "The rest were individuals and real estate developers.
"Mid-cost housing is in high demand and will appeal to tenants and buyers who will eventually work or live within or around Dubai World Central thus contributing to the economic health of the city when DWC's overall phase 1 development reaches its peak in 2009."
Residential City's first occupants are expected to move in before June 2009 - a schedule timed to coincide with full-fledged operations at the world's largest airport, Dubai World Central International Airport (JXB), construction of which is currently well underway.
Nearly 15% of Phase 1 has been reserved for Dubai World Central's future use.
"Around 50,000 people will live in Phase 1 which will have all civic, commercial and residential amenities besides architectural landscaping and green spaces," said Maisoon Thani, General Manager, Real Estate, DWC Residential City.
"We also received massive interest from Phase 1 investors for the next four phases of the city, an indication of property developers' increasing interest in providing mid-cost housing in Dubai. The Phase 2 masterplan is currently being finalised and we hope to announce the final plan before end-2007."
Grading of DWC Residential City's phase 1 has started and investors are expected to commence construction by December 2007 after construction design approvals in strict adherence with DWC regulations and Dubai Municipality guidelines.
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DWC Residential City Phase 1 sold out
- United Arab Emirates: Thursday, March 22 - 2007 at 08:54
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Phase 1 of Residential City, the mid-cost housing component of Dubai World Central (DWC) - the 140 square kilometre urban aviation community under construction in Jebel Ali, United Arab Emirates - has sold out.
Phase 1 of Residential City, the mid-cost housing component of Dubai World Central (DWC) - the 140 square kilometre urban aviation community under construction in Jebel Ali, United Arab Emirates - has sold out.
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Posted by Anne-Birte Stensgaard, Senior News EditorThursday, March 22 - 2007 at 08:54 UAE local time (GMT+4)
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This article was updated on Sat May 26 2007.
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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 four-ten storey mid-cost apartment blocks. Up to 250,000 people are expected to live in this 'city'. A special staff village will house blue-collar workers within high-quality accommodation.
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
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 four-ten storey mid-cost apartment blocks. Up to 250,000 people are expected to live in this 'city'. A special staff village will house blue-collar workers within high-quality accommodation.
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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