Middle-income residents will have a chance to buy their own home when the second phase of the Residential City at Dubai World Central is launched in March, a senior real estate official at the development said.
Prices for the new phase will be below Dubai’s market value, said Khalid Harib bin Harib, Chief Executive of real estate at Dubai World Central. “While phase one plots were sold for Dh120 to Dh150 per square foot generating a revenue of Dh2.2 billion, we are expecting at least Dh3.5bn out of phase two sales,” said Harib.
“The price is much cheaper than anywhere else in Dubai. The Residential City will mostly house middle-income residents as our intention is to build affordable properties. There will also be some luxury apartments. We want to price it keeping in mind the market demand.” Phase one of the 7.16 million square metre Residential City was sold within a few hours after it was launched in March 2007.
Eventually, the entire city will be sold in five phases. The third phase will be launched in 2009 and the remaining phases will go on the block in consecutive years. Overall, about 250,000 residents are expected to live in the city and another 20,000 will work there.
Accommodation comprises a mix of apartments and two-storey villas.
Harib added that real estate sales at Dubai World Central would be more than sufficient to generate the Dh120bn earmarked for the infrastructural development of the project in Jebel Ali.
Residential units in the complex have been designed to accommodate employees and executives working at the logistics and aviation complex. Separate buildings have been set aside for women. Staff Village Units have been designed for low and middle-income sectors, including 68 buildings with 547 rooms.
Located close to Emirates Road and the Outer Bypass Road, Residential City will also be connected with the Dubai Metro, in addition to an internal tram that will transport people around the entire development.
“There will also be a stopover for the proposed Emirates Express Train inside World Central, at a location close to the Outer Bypass Road. Residents and employees will have access to all modes of transport. Those who want to use the ferry can do so at the Arabian Canal,” said Harib.
Dubai World Central will also house Al Maktoum
Airport – the world’s largest passenger and cargo hub, with a capacity of 120 million passengers and more than 12 million tonnes of cargo annually.
Second phase of Residential City launched