Hot Dubai property up for grabs in Business Bay, Culture Village

For the first time in a public auction, two freehold plots of land in Dubai — one each in Business Bay and Culture Village — are going under the hammer, with a reserve price of Dh53.44 million and Dh32.10 million, respectively.

After a break of almost five months, the Dubai Land Department has announced its new auction list of these two plots of land and seven apartments in November.

The size of the plot in Culture Village is 11,037 square metres, which can be for mixed use or a residential ground-plus 29-floor tower.

The plot will be auctioned on November 12.

On November 14, the 4,970 square metre commercial plot in Business Bay with a ground plus 19-storey approval goes under the hammer.

On the same day, a 1,355 square metre apartment in Le Reve, a luxury tower in Dubai Marina, will be auctioned with the reserve price of Dh9.5 million.

Other properties include: a leased apartment in South Ridge 1, Downtown Dubai, for Dh1.4 million; a 138 square metre apartment in Al Arta 2, Al Thannyah Third, for Dh1.15 million and a villa in Al Thannyah Fourth (1,387 square metres) for Dh7 million.

On November 19, a non-leased, 150 square metre apartment in Marina View Tower A will go under the hammer with the base price of Dh1.14 million, while bids for a 89-square-metre apartment in the same tower will start from Dh800,000.

A 121 square metre apartment in Madison Residency, Al Thannyah First, will also be auctioned with a base price of Dh1 million. The unit has been leased for Dh62,000 per year.

Bidding for a non-leased, 145 square metre apartment in Al Fairooz Building in Dubai Marina will start from Dh1.3 million.

“We expect to auction nearly 80 properties this year,” Humaid Omran Al Shamsi, Section Head, Auctions Section, DLD, had told Emirates 24|7 in April.

In 2011, DLD auctioned 35 freehold and non-freehold properties out of which only nine properties were not sold.

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