DUBAI, 22 July 2006 — Dubai World Central (DWC) Residential City, the 7.16 million-square-meter component which will eventually house 250,000 people in the massive aviation community being built in Jebel Ali, will offer prime, low-cost, free-hold real estate plots to developers and investors when Phase 1 commences in October this year.
In accordance with master plan guidelines, the pioneering development will see land earmarked for construction of extensive low-cost housing selling cheaper than designated commercial space.
While the focus up to now has been on Dubai World Central International Airport, to be the world’s largest, and Dubai Logistics City, which will be at the core of creating a logistics hub for the wider region, Residential City will roll out its unique offering later this year. “In Residential City we will be offering a minimum of 25 hectares in Phase 1 for developers and investors to build on and have 100 percent ownership of their own land,” said Khalid ibn Harib, real estate director, DWC. “This is a strategic step for the Dubai real estate industry and will help meet the pent-up demand for low-cost housing in the emirate, as well as providing homes for the DWC workforce.
“The low-cost housing amounts to 14 percent of Residential City’s total area, or 245,000 square meters of land area. Low-cost projects will be limited to seven storey and we project this will equate to a built-up area of 1,023,000 square meters, or low-cost accommodation for 36,000 people — all in line with Dubai Municipality regulatory standards,” he continued. “Commercial plots will have a height restriction of four storey and we anticipate huge interest as investors compete to establish civic amenities such as shopping complexes, schools, hospitals and recreational facilities which will ensure the Residential City community thrives,” Harib added.
Over 250 freehold land plots will be sold on the open market when Phase 1 launches with the opportunity available for investors to purchase zones that must consist of a minimum of 40 plots.
“We have established a credible timetable to ensure infrastructure construction will be completed on sold land before the owner is allowed to commence specific building construction — we want to avoid making mistakes others have made by rushing the infrastructure so developers can move in quicker,” he said.
“Hence, we have a regimental structure in place that will see infrastructure construction begin immediately after the land is sold in October. Buyers will be handed their plots in January 2007 and will be allowed to begin construction of dwellings, where the infrastructure is complete, in June of the same year. Phase 1 infrastructure completion will be achieved by March 2008,” commented Harib. In addition, Harib announced that a dedicated Labor Village, similar to the facility unveiled at Dubai Logistics City, will be built to accommodate Residential City’s blue-collar work force.