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Dubai: Over 250 freehold land plots are being offered on the open market for developing low-cost residential units within Dubai World Central (DWC). DWC is a 140 square kilometre urban aviation community centred around the world's largest planned international airport in Jebel Ali. Covering an area of 7.16 million square metres, DWC Residential City will be developed to house 250,000. "It will offer prime, low-cost, free-hold real estate plots to developers and investors when Phase 1 commences in October this year," a DWC statement said. The development will see land earmarked for construction of extensive low-cost housing "selling cheaper than designated commercial space," it said.
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 per cent ownership of their own land," said Khalid Bin Harib, real estate director of 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," he said. The low-cost housing amounts to 14 per cent of Residential City's total area, or 245,000 square metres of land area. "Low-cost projects will be limited to seven storeys and we project this will equate to a built-up area of 1,023,000 square metres, or low-cost accommodation for 36,000 people," Bin Harib said. Commercial plots will have a height restriction of four storeys and DWC anticipates investors to establish civic amenities such as shopping complexes, schools, hospitals and recreational facilities. 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.
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