9.28 PM Monday, 4 December 2023
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 05:27 06:45 12:12 15:10 17:32 18:51
04 December 2023

Emaar seeks minimum Dh279m for Dubai Marina commercial plot

This is the first open invite for developers this year (Pic Courtesy: Emaar website)

By Parag Deulgaonkar

Emaar Properties, Dubai largest developer, is inviting developers to bid for a commercial plot in Dubai Marina, setting a minimum purchase price at Dh279 million.

This is the first open invite for developers this year after it put for sale a commercial plot in Downtown Dubai with a minimum bid price of Dh303 million in October 2014. It has not been announced whether the plot was sold.

According to the company, the successful bidder for ‘Plot 5JJ’ can build a commercial, hotel or hotel apartments tower, which can have a total gross floor area (GLA) of 697,695 square feet. However, there is no height limit mentioned.

The minimum bid price is at Dh400 per square feet, with the minimum deposit set at Dh1 million, states Emaar.

Real estate agents say there are hardly a few land plots currently listed for secondary sales in Dubai Marina. Prices range between Dh350 and Dh400 per square feet.

“The bidder undertakes to provide his decision whether to purchase the plot or not, and to suggest the purchase price that he is willing to pay for the purchase of the Plot no later than 3pm on the 8th of February 2015, provided the suggested purchase price exceeds the minimum purchase price,” it adds in the expression of interest document.

The successful bidder will have to pay the first instalment of the plot purchase price amounting to 20 per cent of the purchase price, within five days from the successful bidding date.

The remaining balance has to be paid in four equal instalments of 20 per cent each on May 15, August 15 and November 15 2015, and February 15, 2016.