Registration of the plots in third phase of DWC Residential City, the mid-cost housing component of Dubai World Central (DWC), 140 sq km urban land development under construction in South West Dubai, has begun at the Cityscape forum.

This follows the successful sell-out of the the plots in the first and second phase of the project, said a DWC official.

The development of DWC Residential City is on-track, as the next three phases of a five-phase development plan will be up for sale during the next three consecutive years. Phase 3 plots are expected to be sold in March 2009, said Khalid bin Harib, CEO, DWC Real Estate.

“With constructions having commenced at DWC Residential City, the entire Dubai World Central’s real estate development has received an impetus as plans for other DWC real estate and property components are being unveiled,” he explained.

In February 2007, over 200 plots valued at Dh2 billion ($544 million) were sold out in the first phase, while another 283 plots valued at Dh6 billion were sold out in the second phase in March this year.

“With the successful sell-out of Phase 1 and 2, potential investors have already expressed interest for the reservation and eventual sale of plots of land at the remaining three phases of DWC Residential City,” said Rashid Aldhebaiei, general manager, DWC Residential City.
 
“We expect to receive tremendous response during this reservation stage during and after Cityscape. We also expect the third phase to be completely sold next year at the actual sales event,” added Aldhebaiei.

In the first phase, corporate houses led the investor rush with an aim of providing their employees subsidised housing, while on the other hand, the second phase saw major real estate developers investing in DWC’s prime real estate as regional developers have already understood DWC’s value proposition in offering mid-cost housing.

DWC Residential City will include a mix of five to ten-storey mid-cost apartment blocks targeting the middle income segment.

Up to 250,000 people are expected to live in this ‘city’ that would also create employment opportunities for approximately 20,000 workers.

DWC Residential City will have all the latest facilities including schools, malls, hotels, health centres, community centres, mosques, fuel stations and parks. In addition, a staff village which will house blue-collar workers within high-quality accommodation is also to be built within DWC Residential City. –TradeArabia News Service