Mazad to auction select properties

Saeed Bushalat says Mazad offers a transparent environment. (SUPPLIED)

Mazad, the auction house that operates under Salwan, a subsidiary of Dubai Properties Group, yesterday said it will hold a private sale of select Dubai Properties developments on Sunday.

The private auction, which is being held for the third time since 2006, will feature exclusive residential and commercial units as well as plots of land from various developments from within Dubai Properties portfolio.

Only pre-qualified investors will be allowed to participate at the invitation-only limited auction.

The auction will be supervised by Salwan, the property management company under Dubai Properties Group, responsible for managing commercial and residential stakeholders, including strata and property management (for the group companies as well as others), sales and leasing of properties, Mazad Auction House and advisory services.

Saeed Bushalat, Chief Executive Officer, Salwan, said: "Mazad offers a professional and transparent environment for buyers to purchase properties through the bidding process. Our services include the provision of conditional sales agreements, fair bidding environment and a binding legal framework. At the same time, buyers also have the advantage of highly competitive real estate rates, on wholesale basis.

"At this juncture, Mazad primarily targets investors looking to purchase large tracks of select lots directly from the developer.

"The forthcoming auction will offer some of the most sought-after Dubai properties in large volumes," Bushalat said.