By Neil Halligan
Property will be a commercial building of up to 30 storeys
Dubai's Emaar Properties is inviting developers to bid for a commercial plot of land in Downtown Dubai, according to Emirates 24/7.
The parcel of land, which is located in ‘one of the most prestigious square kilometres in Dubai, is expected to be sold for over $82 million (AED303 million).
Plot 8A, with a total area of 505,904 square feet, offers the successful bidder an opportunity to build a new commercial building of up to 30 storeys.
Minimum bids for the land start at $163 (AED600) per square foot.
Emaar’s expression of interest (EOI) document states the bidder will have to deposit AED5 million ($1.3 million) on the date of signing of the EOI.
The first instalment of the plot purchase price, amounting to 20 percent of the purchase price, will have to be paid within seven days from the purchase date.
yeah right, it's a weak plot with terrible access and restricted to 30 floors? All for $82M, someone must be having a joke.
Woah. back to 2006....
as usual when it comes to those plot deals at record levels we will see a headline saying " EMAAR sells downtown plot for record price, bla, bla, bla " ; but as most of the time the plot will just have been transferred into a newly created or EMAAR held or other sister company balance sheet to avoid losing face; so really nothing happened and especially no new money came in at the proclaimed levels . Smokes & Mirrors! But hey: people seem to also think that off - plan studios from no name developers in remote desert locations "transact at MINIMUM 1500/sqft" because "CERTAINLY THEY WILL YIELD 10 - 15% NET" when completed!!!