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Dubai realty firm likely
 to buy Florida condominium for $120 million

Initial bid by Hussain Sajwani of Damac Properties was the strongest

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A Dubai-based realty firm is all set to purchase the site of a South Florida condominium that collapsed last June, killing 98 people, for $120 million, after no other bids were submitted by the Friday evening deadline for next week’s auction, according to a report from Associated Press (AP).

Hundreds of potential buyers had shown interest in the property, but none were ultimately prepared to match the strong initial bid of Hussain Sajwani of Damac Properties, AP quoted Michael Fay, of Avison Young as saying. Avison Young is the commercial real estate firm that was appointed to market the land as part of a class-action lawsuit.

The auction for the 1.8-acre parcel in Surfside was scheduled for Tuesday. Earlier this month, families of the victims reached a $997 million settlement with local officials, the developers of an adjacent building and others whom they hold responsible for the collapse of the 40-year-old, 12-storey beachside building during the early hours of June 24.

The National Institute of Standards and Technology is investigating the cause of the collapse, a process that is expected to take years.

Khaleej Times tried to contact Damac management on the issue but there was no statement at the time of going to press.

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