Dubai World Central Residential City sold out

Phase 2 of DWC Residential City, the mid-cost housing component of Dubai World Central (DWC) the 140 square kilometre urban land development under construction in Dubai, United Arab Emirates has sold out for Dh six 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 realised their investment.”Nearly 20% of Phase 2 has been reserved for Dubai World Central’s future use in development and construction.