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Saturday, November 28 - 2009

Major developers invest in DWC Residential City

  • United Arab Emirates: Wednesday, March 26 - 2008 at 13:46
  • PRESS RELEASE

Phase 2 of DWC Residential City, the mid-cost housing component of Dubai World Central (DWC) - the 140 square kilometre urban land development under construction in Dubai, United Arab Emirates - has sold out for Dhs6bn.

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  • Huge demand for phase 2 of DWC Residential City.
    Huge demand for phase 2 of DWC Residential City.
An exclusive 'by invitation' land sales event at the Grand Hyatt Dubai saw 255 plots spread over 183 hectares bought by investors such as major regional developers, corporate houses, individuals and potential Dubai Logistics City and DWC Aviation City tenants.

"While phase 1 saw corporate houses leading the investor rush, this time around most major real estate developers have invested in DWC's prime real estate," said Khalid bin Harib, CEO, Real Estate, DWC. "This marks the maturing of DWC real estate within Dubai's realty offerings."

"Regional developers have understood DWC's value proposition in offering mid-cost housing which is in high demand and will reach its peak around 2010. By then current investors of phase 1 and 2 would have already realised their investment."

Nearly 20% of Phase 2 has been reserved for Dubai World Central's future use in development and construction.

"DWC Residential City investors have been drawn from registered people at international and regional exhibitions, events, online and direct enquiries," explained Abdulla Al Falasi, Director of Marketing and Corporate Communications, DWC.

"DWC Residential City will cater to people working around DWC and to those who will be employed at the adjacent Al Maktoum International Airport and Dubai Logistics City. The project has become central to all strategic developments in the new Dubai development.


"The overall project has received tremendous support from the Dubai Government ever since its launch, which in turn has helped us continue the development in line with the vision and Dubai Strategic Plan 2015 of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai," he continued.

Grading of DWC Residential City's phase 1 and 2 has been completed allowing investor access to commence construction this month. Construction will follow strict DWC regulations and Dubai Municipality guidelines.

"Around 53,000 people will live in Phase 2 in over 18,000 units 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.

"Many phase 1 investors have invested in phase 2 and have reserved options for the city's next three phases over the next three years. We hope to announce the phase 3 masterplan before end-2008."

DWC Residential City's current two phases will add over a 100,000 people to the emirate's resident status.
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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 $33bn, comprises six specialized clustered zones: Al Maktoum International Airport, Dubai Logistics City (DLC), DWC Commercial City, DWC Residential City, DWC Aviation City and DWC Golf City.

DWC is endorsed by the Government of Dubai and is chaired by His Highness Sheikh Ahmed bin Saeed Al Maktoum, Chairman of the Dubai City of Aviation Corporation - Dubai World Central, Government of Dubai.

About Dubai World Central components:

Al Maktoum International Airport 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 91 metre high control tower that will be an aviation landmark in the Middle East.

Dubai Logistics City (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 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.

DWC Aviation City will be the region's premier centre of excellence for aviation manufacturing, MRO, aviation support services and consultancy, research and development, training, aviation products and parts and high tech industries. It is a unique concept to establish a complete aviation cluster in one area to cater to the region's aviation growth. It is strategically located to provide clients access to emerging markets as well as servicing the fast growing Middle East market.

DWC Commercial City will be DWC's business and finance hub featuring more than 850 towers, ranging from 1 - 45 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.

DWC Residential City will include a mix of five-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.

DWC Golf City will feature two 18-hole golf courses, extensive practice facilities, driving ranges, putting greens, a luxury clubhouse with restaurants and a pro-shop. Over 5,000 freehold homes will surround the courses. The resort will also feature a high-end boutique hotel.

For more information please contact:
MCS/Action, PO Box 20970, Dubai, United Arab Emirates

Gladson Ronad
Tel: +9714 390 2960; Fax: +9714 390 8161 Mob: +971 50 4533479

or

Fouad Kassem
Tel: +9714 390 2960; Fax: +9714 390 8161 Mob: +971 50 6324150

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