UAE: Single largest residential land sold in Dubai Marina for Dh690M
As the Dubai property sector set to end the year on a strong note later this month, two leading real estate groups managed to secure the emirate’s single largest residential land transaction by selling three plots in Dubai Marina for Dh690 Million.
Metropolitan Premium Properties (MPP) — a full-service real estate agency and the Metropolitan Group’s flagship property company, in a strategic collaboration with Mallorca Properties sold 100,000 square foot seafront plots on Dubai’s most luxurious marina with unobstructed views of the sea, Dubai Eye and Palm Jumeirah.
The built-up area of the transaction is over 1.7 million square feet and the new owner — a leading Dubai-based real estate developer — is expected to use the space to build ultra-luxury apartments and penthouses.
It is Dubai’s single biggest residential land transaction to date overtaking the previous Dh600 million deal by Indian billionaire Mukesh Ambani who bought a property in Palm Jumeirah.
Ahmed Abou El Naga, head of Institutional Sales of Metropolitan Group, has sourced and orchestrated the deal with the assistance of Fakhreddin Minooeifar, founder and chairman of Mallorca Commercial Real Estate Advisory who represented the buyer.
