Dubai’s biggest ever residential land deal has been completed by real estate companies in the city.
Metropolitan Premium Properties and Mallorca Properties have paid out AED690m ($187.6m) for three plots at Dubai Marina.
The built-up area of the transaction is more than 1.7msq ft. and the total seafront plot is more than 100,000sq ft.
Record Dubai land deal
It is situated directly on the affluent marina and offers unobstructed views of the sea and Palm Jumeirah.
Ultra-luxury apartments and penthouses are expected to be developed on the plots, which were sold to a leading real estate developer.
Ahmed Abou El Naga, Head of Institutional Sales of Metropolitan Group finalised the deal with the assistance of Fakhreddin Minooeifar, Founder and Chairman of Mallorca Commercial Real Estate Advisory who represented the buyer.
“There are only a handful of seafront plots available in all prime Dubai neighbourhoods and they are completely off the market.
“We are glad to play such a pivotal role in adding such a flagship development to the iconic Dubai skyline,” said Ahmed Abou El Naga, Head of Institutional Sales of Metropolitan Group.
“We are currently witnessing a massive demand from international developers to expand their operations in Dubai market. Most of these multinationals are after prime plots to develop high-end luxurious projects.”
Fakhreddin Minooeifar, Founder and Chairman of Mallorca Commercial Real Estate Advisory said: “This deal further reaffirms Dubai’s leading positioning as a destination for prime plots and properties. We continue to work with an exclusive selection of high-net-worth clients and remain their trusted property advisor throughout the transaction process.”
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