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Thu 22 Jan 2015 12:02 PM

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Dubai investor buys 125 villas near Meydan Racecourse

Unnamed buyer is also in talks to acquire more units at Meydan City's Millennium Square project

Dubai investor buys 125 villas near Meydan Racecourse

An unnamed investor has bought 125 villas in a
luxury development in Meydan City in Dubai, with agents reporting that talks
are ongoing to extend the deal even further.

The mystery buyer made the bulk order last month
for the units in the Millennium Square project in Meydan City, where villas
are priced from AED4.5 million ($1.225 million), Manish Bhandari, a senior agent
at real estate firm SPF Realty, confirmed to Arabian
Business
.

Bhandari declined to divulge the nationality of the investor as talks are still ongoing to potentially extend the deal beyond the
estimated $150 million already put down.

A total to 700 units will be built at Millennium
Square, with 210 villas released as part of phase one.

Construction on the AED1.5 billion project, which
is being developed by G&Co’s, is due to start in July.

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broker 4 years ago

genius idea to market a project! truly brilliant!!

SA1 4 years ago

Property times mag - first article "Glitz by Danbue sold in 2 hours"...flip few pages and saw full page advert by Danbue selling Glitz.

So if the stuffs got sold..what are they selling again?

Simon 4 years ago

It wouldn't surprise me if this was actually the developer 'masking' itself as an Investor so they can trumpet its sales success, and, by developer logic, believe the development is now worth more than days before...so they can put up prices!

What would have impressed me is if there were 125 individual buyers but we all know that, that never happens. Its pure real estate propergander...

This article, if it is to be believed, is actually what is wrong with the Dubai market...too many properties in too few hands. Unless the 'man in the street' with a normal job can afford property in Dubai, the market will always remain false and prone to Boom and massive Bust.