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Dubai: Phase 1 of the 7.16 million square metre Residential City at Dubai World Central (DWC) - the 140 square kilometre urban aviation community being constructed in Jebel Ali - goes on sale today at the Grand Hyatt Hotel.
"Dubai World Central's prime, mid-cost, free-hold real estate plots will be offered for the first time ever to developers and investors as part of this visionary project's Phase 1 development," said Shaikh Ahmad Bin Saeed Al Maktoum, Chairman of Dubai Civil Aviation Authority.
Up to 160 hectares of land in Residential City will be offered to developers who registered interest during the Cityscape Dubai property show in November 2006. Phase 1 development will eventually house around 50,000 people.
Interest
"So far, we have invited over 200 investors who have registered interest in Residential City's development to select plots that meet their requirements," said Khalid Bin Hareb, chief executive officer (real estate), Dubai World Central.
"Residential City has been divided into two sections which offer investors the flexibility to choose either individual plots or several plots depending on what they require. This can be commercial or residential. Development of the freehold projects will be in accordance with strict master plan guidelines and Dubai Municipality stipulations."
"Catering to middle income, Residential City will provide developers and investors 100 per cent ownership of their own land," said Maisoon Thani, general manager (real estate), Dubai World Central.
Staff Village
Bin Hareb also announced that a dedicated Staff Village will be built to accommodate Residential City's blue-collar workforce.
The development of Phase 1 is expected to be completed by 2008.
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