Three plots in Dubai Marina were sold for Dh690 million ($187.6 million) by two top real estate organizations, securing the emirate’s single highest residential land deal as the city’s real estate market prepares to close out the year on a high note.
In a strategic partnership with Mallorca Properties, Metropolitan Premium Properties (MPP), a full-service real estate agency and the flagship property company of the Metropolitan Group, sold 100,000 square foot seafront plots on Dubai’s most opulent marina with unhindered views of the sea, Dubai Eye, and Palm Jumeirah.
Over 1.7 million square feet of the transaction’s built-up area will be used to build ultra-luxury flats and penthouses by the new owner, a renowned real estate developer from Dubai.
It surpasses the previous Dh600 million buy by Indian billionaire Mukesh Ambani, who purchased a house on the Palm Jumeirah, as the largest residential land transaction in Dubai to date.
Leading industry players
Fakhreddin Minooeifar, founder and chairman of Mallorca Commercial Real Estate Advisory, who represented the buyer, assisted Ahmed Abou El Naga, head of Institutional Sales of Metropolitan Group, in locating and executing the purchase.
Only a few oceanfront plots are currently available in all desirable Dubai neighborhoods, according to El Naga, 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. 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,” he said.
The Institutional Sales section of Metropolitan Group, which is only focused on transactions involving buildings, plots, and income-generating trophy assets, was launched in May. In addition, Mallorca Properties is largely focused on commercial investment possibilities and has a proven track record of strategic purchases.
The Metropolitan Group, in addition to MPP in Dubai, also consists of Metropolitan Capital Real Estate in Abu Dhabi, Luxury Immobilien GmbH, a Vienna real estate firm, and Metropolitan Consulting FZE, which offers business and personal legal services in the UAE.
This deal, according to Fakhreddin Minooeifar of Mallorca Properties, further solidifies Dubai’s status as the top location for excellent 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,” he said.
A family-owned, multi-award-winning boutique real estate investment advisory, Mallorca Properties has as its primary objective to specialize in high-value business prospects.
