Cirrus wins first sealed bid auction

Cirrus Development, a UAE-based developer, has become the first company to win Nakheel's sealed bid land auctions for its master-planned project, the Canal District at Waterfront.

Nakheel introduced the method of land sales for its 49 plots within the District in Waterfront on Monday.

Cirrus managed to win one of the two plots allotted by Nakheel to build a five-star hotel development.

Plans are for the developer to build luxurious low-rise developments which will include a five-star hotel, retail mall and residential community featuring serviced villas and many apartment buildings.

"We were doubly delighted last week to be the first successful developer at the sealed bid auction for the Canal District at Waterfront and to secure one of only two plots which will become five-star resorts in this area, said Behnam Eshragh, Chairman and CEO of Cirrus Developments.

"The introduction of sealed bid auctions by Nakheel is good news for developers and we congratulate them on the initiative. Under the terms and conditions, buyers of the plots are obligated to develop the land rather than re-sell it. That means we won't be developing next to unoccupied plots which are being re-sold over and over and that's good for an area or district as a whole," he said.