DWC Residential City launches second phase sales at IPS 2008

Actual land sales for 254 plots ranging from 5,000 to 12,000 square metres will commence next month.

"The DWC real estate proposition is in line with the Dubai Strategic Plan 2015 to provide a holistic and affordable living experience to Dubai residents," said Khalid bin Harib, CEO, Real Estate, Dubai World Central. "DWC Residential City is a project in that direction.

"With the first phase sold out in 2007, generating Dhs 2.5 billion in sales, the second phase has already garnered over 700 potential customers. We hope to top that interest for registration at the IPS Dubai event."

Over 184 hectares of land will be available in Phase 2 of DWC Residential City - the city's largest phase - which will be home to around 53,000 people.

"While the first phase was targeted toward individuals and developers, we are looking at major UAE, regional and international developers for the second phase due to the tremendous response we received during the phase one sales," said bin Harib.

"DWC will retain 20% of the total area for its own development."

Land grading work for both the phases are complete enabling contractor access for phase one investors to commence this month while those who purchase phase two plots can access their plots by end of this year.

"With the grading work already complete we can speedily handover plots in December 2008 to investors who can then develop freehold projects in accordance with strict master plan guidelines and Dubai Municipality stipulations," explained bin Harib.

Phase 2 will also have 19 plots for mixed use development while nine plots are reserved for commercial and public amenities like schools, malls, hotels, health centres, mosques, fuel stations and parks.

"IPS Dubai 2008 is a perfect launch pad for phase 2 sales which will allow us to scrutinise investors to develop their individual projects within the strict DWC criteria," concluded bin Harib.