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.
'We are pleased. The plots in Business Bay offer one of the best locations in the city of Dubai along Sheikh Zayed Road. 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 AED 1 billion in less than 4 hours. The biggest plot was sold for AED 214 million, while the lowest price that a plot fetched was a substantial AED 45 million.
'What indicates the huge response to this once-in-a-lifetime offer was the fact that one of the 8 plots was sold to a pre-bidder even before the event for 20% more than the expected price,' said Al Dabal. He said that the 7 remaining plots were then sold during the event...all went for a price higher than the pre-set reserve price.
'I thank all the investors who attended from all over the region. Their presence and their interest in the Business Bay made us at Dubai Properties and Mazad feel so proud to have created something that people think so highly of and want so much,' Al Dabal added. Dubai Properties sought out John McGrath, recognised as Australasia's finest real estate auctioneer, to conduct the Mazad auction.
In a 23-year real estate career John McGrath has personally auctioned over 5,000 properties including some of Australia's most valuable and important real estate. Dubai Properties has been created by Dubai Holding Group with the express aim of conceiving niche, large-scale development projects and transforming that vision into reality.
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