Business | Property
DWC introduces three real estate projects
Dubai World Central (DWC), the massive planned airport and logistics complex with infrastructure costs estimated at $33 billion, yesterday introduced three new real estate projects to investors in a "soft launch" format.
- By Ivan Gale, Staff Reporter
- Published: 23:06 October 16, 2007
Dubai: Dubai World Central (DWC), the massive planned airport and logistics complex with infrastructure costs estimated at $33 billion, yesterday introduced three new real estate projects to investors in a "soft launch" format.
The company said it was engaging with interested buyers for the first phase of its office space for lease at Dubai Logistics City, the sale of Residential City phase two plots, and the lease of Staff Village units.
The official launch for all three projects is scheduled for next spring, according to Abdullah Ahmad Al Falasi, director of marketing and corporate communications, who spoke to Gulf News during the Cityscape property show.
"Today we are launching three projects of Dubai World Central and will officially take inquiries from customers in March or April of next year," he said. The launch is expected to coincide with the start of the International Property Show but could take place before or after depending on the level of interest from buyers, Al Falasi added.
The projects are part of Dubai's second international airport at a 140-square kilometre site in Jebel Ali, which, once completed, will have six parallel runways, six concourses, two terminals and serve 120 million passengers by 2015.
The sale of the first phase of Residential City was completed in a blistering two days last March, after 1,500 applications were received for the 140 plots on offer, many from UAE nationals, according to Obaid Bin Dafoos Al Muhairi, real estate manager for Staff Village located within Residential City.
"We were oversubscribed by 10 times for the first phase of Residential City," Al Muhairi told Gulf News. "So far, we are seeing demand coming in at the same level or greater for phase two."
Residential City is being sold in five phases. Overall, up to 250,000 people are expected to live in residential city and a further 20,000 may work there. Accommodation will vary from mix of two-storey villas and luxury apartments in blocks reaching up to 24 storeys.
The residential units located within Dubai World Central are designed to accommodate executives, employees and laborers working at the aviation and logistics complex. There are also buildings designed exclusively for female tenants.
Staff Village units for lease have been designed for low to mid-income workers spread across 68 buildings holding 547 rooms for a population of 34,000.
Office buildings at Dubai Logistics City, meanwhile, will encompass 18 buildings sold in two phases. Construction of the five storey buildings began one year ago and is expected to be completed in late-2008 to mid-2009. The first tenants are expected to move in during the first quarter of 2009.
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