DWC’s Residential Avenue Apartments Opened for Registration

Dubai’s most important long-term infrastructure project, Dubai World Central (DWC) - the 140 square kilometre urban land development under construction in Southwest Dubai – is opening up registration for an important residential component to Kuwaiti investors.

DWC’s aviation, logistics, tourism and commercial proposition has captured the interest of most Kuwaitis, enhancing the image of the project which is centred around what will one day be the world’s largest airport.

Based on the massive response received from DWC’s participation at Kuwait Property Exhibition (KUPEX) last year, registration for the building apartments along The Residential Avenue, a 70-metre wide spine road that divides the southeast and northwest portions of DWC Residential City, will be conducted at KUPEX 2008.

KUPEX will be held at the Sheraton Hotel and Tower in Kuwait on 21-24 October 2008.

“The interest generated by the real estate components within Dubai World Central spans across the GCC, Middle East, and even beyond. The value proposition of the entire DWC has attracted tremendous response during the initial sales of plots in DWC Residential City’s phase one and two,” said Khalid bin Harib, CEO, DWC Real Estate.

“With all first two phase plots sold out, we are confident that an equally encouraging response will be generated at KUPEX,” added bin Harib.

DWC Residential City, a mix of five to ten-storey mid-cost apartment blocks targeting the mid-income segment, is expected to house up to 250,000 people, and also provide for approximately 20,000 jobs. Other features include a special staff village that will house blue-collar workers within high-quality accommodation, as well as the latest facilities including schools, malls, hotels, health centres, community centres, mosques, fuel stations and parks.

In February 2007, over 200 plots valued at AED 2 billion were sold out in Phase 1, while another 283 plots valued at AED 6 billion were sold out in Phase 2 in March this year. The development of DWC Residential City is on-track, as the next three phases of a five-phase development plan will be up for sale during the next three consecutive years.

“Our participation at KUPEX is a reflection of the regional and international interest from investors to Dubai World Central,” said Abdulla Al Falasi, Director of Marketing and Corporate Communications, DWC.

“We expect that the apartments which are to be offered for registration at KUPEX would immediately be filled up as testament to Dubai World Central’s extremely attractive and sound investment opportunity that is unique to anywhere else in the region,” added Al Falasi.

In Phase 1, corporate houses led the investor rush with an aim of providing their employees subsidised housing, while on the other hand, Phase 2 saw major real estate developers investing in DWC’s prime real estate as regional developers have already understood DWC’s value proposition in offering mid-cost housing.

This entry was posted on Thursday, October 23rd, 2008 at 6:14 am and is filed under Announcements. Stay updated with the latest advertising, media, marketing and PR news from the Middle East through the RSS 2.0 feed!