|DWC Residential City plots sold out for $1.6bn
The second phase of DWC Residential City, the mid-cost housing component of Dubai World Central (DWC), has sold out for Dh6 billion ($1.63 billion).
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 realized their investment."
Nearly 20 per cent 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 master plan before end-2008," Thani said.
DWC Residential City's current two phases will add over a 100,000 people to the emirate's resident status.
Source:Trade Arabia News