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Dh1b Business Bay plots sold

DUBAI — More than Dh1 billion worth of land at the best business address in town — The Business Bay — was auctioned off by Mazad, the real estate auction house of Dubai Properties.

Excitement and bidding frenzy, investors asking for more time to make up their minds or get on the phone to ask their partners and principals for instructions or more funds, made for an electric atmosphere as the charged bidding for the exclusive plots started.

"All the eight prime plots on offer were auctioned off in a highly intense bidding session that lasted less than four hours," said Hashim Al Dabal, Chief Executive Officer of Dubai Properties.

This was the second auction of real estate organised by Mazad. An exclusive list of property developers and investors were invited to today's auction, which, in keeping with the elite nature of the event, was held at the world's first seven-star super-luxury hotel, The Burj Al Arab.

Mazad offered 'The Constellation', a collection of prime plots at Business Bay.

"Another major factor that made these plots so rare from others was that investors can construct buildings as high as they want as these plots come with a pre-approval for mixed-use buildings of unlimited height. Also the investors can have unlimited underground parking and additional podium height," Al Dabal pointed out.

"This is our way of rewarding investors who have put their trust in us," he added.

Prime location: "This was an exclusive opportunity to own plots at one of the best locations in Dubai and the investors, knowing the supreme benefits, took full advantage of the opportunity," Al Dabal pointed out.

"I am pleased that the awareness about Business Bay has spread throughout the region as we had more than 200 investors from GCC countries, UAE, Pakistan and Iran who attended this highly exclusive event," he added.

Al Dabal said eight plots measuring a total of 700,000 square feet were sold for over Dh1 billion in less than 4 hours.

The biggest plot was sold for Dh214 million, while the lowest price that a plot fetched was a substantial Dh45 million.

"What indicates the huge response to this once-in-a-lifetime offer was the fact that one of the eight plots was sold to a pre-bidder even before the event for 20 per cent more than the expected price," said Al Dabal.

He said that the seven remaining plots were then sold during the event...all went for a price higher than the pre-set reserve price.