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Report by National US Arab Chamber of Commerce on the UAE. Vol XV, No 3, June 2007. Includes analysis of UAE economy. |
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Dubai World Central hands over first residential plots
posted on 04/10/2008
 Dubai World Central (DWC) - the 140-square kilometre, multi-phase urban land development centred around the world's largest airport, DWC-Al Maktoum International Airport, has handed over the first plots of land to private developers to commence construction on their respective projects.
DWC Residential City - DWC's mid-income housing segment - has generated tremendous interest from developers as evidenced by its successful sale of Phase 1 and 2 of its five-phased development, for a combined 483 plots valued at Dh8 billion.
"Since its inception in 2006 under a Royal Decree issued by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, Dubai World Central has implemented its world-class master-planned development with clockwork precision," said Abdulla Al Falasi, DWC's Director of Marketing and Corporate Communications.
"Apart from the developments at the DWC-Al Maktoum International Airport and related facilities, as well as at the Dubai Logistics City headquarters, the successful completion of the grading of land at DWC's other components has enabled us to hand over these plots to private developers for them to commence construction on their respective projects in accordance and compliance with DWC's regulations, specifications and guidance," added Al Falasi.
DWC Residential City will include a mix of five to ten-storey mid-cost apartment blocks, housing around 250,000 people through five phases and employing around 20,000 more. The commencement of construction means that future residents can look at moving into their apartments by end of next year.
A scale model of DWC Residential City will be displayed at the Dubai World Central 594 square metres stand at Cityscape Dubai 2008 being held at the Dubai International Exhibition and Convention Centre between 6-9 October.
"At Cityscape Dubai 2008, visitors and guests would be given a glimpse of Dubai World Central's complete real estate offerings with major announcements being made this year," concluded Al Falasi.
Dubai World Central, as an urban land project, will be fully operational with all civic amenities across all components between 2015 and 2020. – Emirates News Agency, WAM
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