Have Dh9.5m or more ? Bid for Le Reve tower flat

A fierce bidding is expected when the 1,355-square-metre bespoke apartment in Le Reve tower in Dubai Marina goes under the hammer in the Dubai Land Department on November 14. 

The unit is being auctioned for a reserve price of Dh9.5 million, which real estate agents claims is far below the current market price, let apart the original price. 

“I am certain there will be an intense bidding for the apartment. Even if we consider the bid to go up by 40 per cent, one can get the unit at a price below today’s market price,” says Mahendra Singh, Managing Director, SPF Realty. 

He says his company recently sold half a floor, a 7,000-plus square feet apartment in Le Reve, for Dh18 million. 

Singh added that they would be attending the DLD auction and will bid for the unit. 

A UAE national, who has bought a number of auctioned units, on conditions of anonymity, said he would be taking part and will bid for the unit. 

“I believe the bank has only an outstanding of Dh9.5 million and hence set that as the base price… I expect a huge turnout for this unit.”

Le Reve tower is a super-luxury tower. Property agents say during the property boom time, investors bought full floors for over Dh40 million. Currently, 6,100 square apartments are selling for Dh15 million to Dh20 million, a few handful listing for full floors are at Dh50 million, but these are fully furnished. 

WS Atkins, the same creative team behind the Burj Al Arab, designed the tower. Le Reve amenities include temperature controlled pool, gymnasium, health club, children s play area, 24-hour concierge.

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