Dubai World Trade Centre (DWTC) announced that Expo Village, the only ready-to-move-in residential community located at Expo City Dubai, has achieved full occupancy in its first community cluster, Residences 4, marking a significant milestone just one year after its official market launch in October 2022.
To address the strong market demand, DWTC has already commenced pre-leasing of Residences 2, set to open in January 2024.
Originally developed by Dubai World Trade Centre as the official residential community for Expo 2020 Dubai, Expo Village played host to thousands of international participants during the six-month global event. This master-planned residential community was reopened last year as a self-sustaining, comprehensive community at Expo City Dubai, catering to the needs of both residents and leisure and business tourists.
Khaled AlFahim, Vice President of Asset and Investment Management at Dubai World Trade Centre, commented,
“The reopening of Expo Village in October 2022, offering a blend of short-term serviced apartments and long-term residential leasing, was strategically timed to coincide with the reopening of Expo City Dubai. The remarkable occupancy rates at Expo Village underscore the strong demand for exceptional community living and the appeal of Expo City Dubai as a destination. As the UAE and Dubai gear up to host COP28 at the end of November, with climate change and sustainability taking centre stage, Expo City Dubai is poised to once again captivate a global audience, and we are privileged to witness this exciting legacy.”
Today, Expo Village flourishes as a vibrant neighbourhood, comprising four residential clusters with spacious, well-landscaped areas forming a pedestrian-friendly community. Four residential clusters each featuring a private array of amenities, including a fully-equipped gym, a swimming pool, a children's playground, the expansive 37,000-square-metre Expo Park, a scenic jogging path, convenient access to a cycling track, on-site supermarket, pharmacy, salons, a clinic, and a growing number of F&B options.
Speaking on the market response to date, Christopher Romaine from Savills ME, who is leading on the exclusive leasing operations of Expo Village, said,
“Although Savills always had confidence that Expo Village would lease quickly, the demand and interest has been unprecedented. Feedback from our tenants has been extremely encouraging, as they highlight benefits such as the convenient metro access, ample parking, superior build quality, abundant greenery, and importantly, the time saved in commuting which they can now spend in so many better ways. Our dedicated agents were able to successfully lease the available units and secure 50 percent occupancy back in May 2023, just six months following its release, and the remaining units were quick to fill up in the months after. The rapid absorption rate speaks to the superior quality of the product and community offering.”
To elevate the offerings within this highly sought-after community, Dubai World Trade Centre has partnered with the award-winning workspace brand, UNBOX, to introduce a dedicated co-working facility, ‘Expo Village WorkHub’. The new co-working space operates daily and provides options for its community members from flexible and private desks to event space to meeting rooms and various additional amenities. Members also enjoy a schedule of networking events, complimentary services, and access to other co-working locations managed by UNBOX.
Commenting on the launch, Riad Madani, the Director at UNBOX, said,
"In line with our expansion strategy, we've partnered with DWTC to introduce the distinctive atmosphere of UNBOX Community to Dubai South. Our goal is to establish a workspace that places a high emphasis on human well-being and fostering meaningful connections, providing a distinctive experience in a supportive, community-focused setting."
“This marks the initial phase of our expansion endeavours. We are enthusiastic about managing Expo Village WorkHub and foresee significant success in our collaboration with DWTC."
Located between Sheikh Mohammed bin Zayed Road and the Expo 2020 Metro Station, Expo Village is convenient for residents commuting to both Dubai and Abu Dhabi. It connects to popular districts and destinations via the metro’s red line stations, such as Ibn Battuta Mall, Festival Plaza Jebel Ali, Dubai Investment Park, and DMCC.
"Dubai has experienced unparalleled expansion in its real estate sector and population over the past year, driven by its thriving economic performance. As Expo City Dubai, a cornerstone of the 2040 Urban Master Plan, gears up to evolve into a vibrant hub for cultural and business innovation, Expo Village stands out as the sole 'ready-to-move' community, providing a distinct advantage for those seeking to be at the heart of this action,"
AlFahim concluded.
News Source: Emirates News Agency
