Business | Property
Phase 2 of Dubai World Central housing project sold for Dh6b
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 - has sold out for Dh6 billion.
- Staff Report
- Published: 00:17 March 27, 2008
- DWC Residential City's second phase. There is a big demand for mid-income housing in Dubai.
- Image Credit: Supplied Picture
Dubai: 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 - has sold out for Dh6 billion.
A land sales event at the Grand Hyatt Dubai saw 255 plots spread over 183 hectares bought by investors, 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, DWC chief executive for real estate. "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 per cent of Phase 2 has been reserved for Dubai World Central's future use in development and construction.
Abdullah Al Falasi, director of marketing and corporate communications, DWC, said: "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.
Grading
Grading of DWC Residential City's Phase 1 and 2 has been completed, allowing investor access to commence construction this month. Construction will follow 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."
Residential City's current two phases will add over a 100,000 people to the emirate's resident status.
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