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Dubai: Phase 1 of Residential City, the mid-cost housing component of Dubai World Central (DWC) - the 140 square kilometre urban aviation community under construction in Jebel Ali - has been sold out.
Over 200 plots spread over 160 hectares were bought in an exclusive 'by invitation' land sales event held at the Grand Hyatt hotel with corporate buyers forming the bulk of the investors.
"A large percentage of the investors were corporate houses aiming to provide their employees subsidised housing," said Khalid bin Harib, Real Estate CEO for DWC. "The rest were individuals and real estate developers."
The first residents are expected to live in Residential City before June 2009 - a move timed to coincide with full-fledged operations at the world's largest airport, Dubai World Central International Airport, construction of which is currently well underway.
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