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.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.