Business | Property
Residential City sales expected to raise Dh6b
Plots under the second phase of Dubai World Central's Residential City are expected to be sold out and generate at least Dh6 billion.
- Staff Report
- Published: 00:16 March 23, 2008
Dubai: Plots under the second phase of Dubai World Central's Residential City are expected to be sold out and generate at least Dh6 billion.
The second phase of the 715-hectare Residential City at DWC, the massive 140 square kilometre urban land development under construction in Jebel Ali goes on sale on March 25 and 26 at Hotel Grand Hyatt, Dubai.
The estimates are based on sales registration at the International Property Show (IPS) last month for the 284 plots, which range from 2,000 to 12,000 square metres.
"The unique Dubai World Central proposition of staying close to your workplace in affordable housing has found high interest among potential investors," said Khalid Bin Harib, CEO, Real Estate, DWC. "Land registrations in the past few months have exceeded expectations with major regional property developers having expressed interest in providing premium, affordable housing for residents looking to get prime real-estate in new Dubai."
Phase 1 sales last year were completed in less than 24 hours. Phase 2 will eventually be home to 53,000 people.
Attractions
"The city will have a variety of one to four bedroom apartments in various size buildings, ranging from five to ten stories," said Bin Harib. "Proximity to Jebel Ali's waterfront developments, inland tourist attractions, industrial and investment parks and the free zones, in addition to the Al Maktoum International Airport are attractions to future residents of this city," he said.
The Residential City will be served by a light rail, linked into the Dubai Metro.
Land grading work for phase 2 is complete enabling contractor access to all plots by the end of the year. Phase 2 will also have 19 plots for mixed use development while nine plots are reserved for commercial and public amenities.
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