Monday, October 22, 2007

Dubai World Central (DWC) announces real estate projects worth $33bn

The massive planned logistics and airport complex, Dubai World Central (DWC) has announced plans to introduce three new real estate projects, worth $33billion.
The company revealed that it is in the process of discussions with potential buyers for the sale of phase two of two plots in Residential City, the leasing of Staff Village units, and the leasing of first phase of its office space at Dubai Logistics City.
Dubai World CentralAll three projects are expected to be officially launched next spring, revealed Abdullah Ahmad Al Falasi, Director - Marketing and Corporate Communications, to the media at the Cityscape Property Show.
The launch may be coincidental with the start of the International Property Show, but may happen before or after depending on the demand from buyers, Al Falasi mentioned.
The first phase of Residential City was sold within two days last March, after its launch. Residential City will be sold in five phases. On the whole about 250,000 people are expected to live in the city, and another 20,000 are expected to work there. The accommodation comprises a mix of luxury apartments and two storey villas, in about 24 storeys.
Dubai Residential City
The residential units in DWC are so designed to accommodate labourers, employees, executives working at the logistics and aviation complex, apart from separate buildings designed for female tenants. Staff Village Units have been designed for low and mid-income categories, including 68 buildings with 547 rooms.
The commercial buildings at the Dubai Logistics City, on the other hand, comprise 18 buildings that are to be sold in two phases. The construction works on five-storey buildings that began about a year ago, is likely to be complete by end of 2008 or mid-2009.
The projects are a part of Dubai's second international airport in Jebel Ali, which when completed, will have six parallel runways, two terminals, and six concourses that serve about 120 million passengers by 2015.

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