No deal yet on Downtown Dubai land plot: Emaar

Update: Emaar Properties, Dubai’s largest listed developer, said on Tuesday it was looking to sell a land plot in Downtown Dubai and had received some offers for it, but no deal had been concluded yet.

In a brief bourse statement commenting on a report by local media, Emaar said the sale was in the “normal course of business”.

It did not confirm or deny the Dh303 million figure mentioned in the report as the sale price.  “Emaar has received a number of offers for the plot. No sale agreement has been signed as yet and the sale has not concluded,” Ayman Hamdy, Emaar’s General Counsel wrote in the statement to the bourse.

- Reuters

Emaar Properties, Dubai largest developer, is inviting developers to bid for a commercial plot in Downtown Dubai that will fetch at least Dh303 million.

The developer, listed on Dubai Financial Market, has sold plots in Emirates Hills and Arabian Ranches through auctions in 2007-08, this is the first open invite for developers this year.

Downtown Dubai, which Emaar claims to be "one of the most prestigious square kilometres in the world",  is home to Burj Khalifa, the world’s tallest tower, and Dubai Mall, one of the largest mall's in the world.

According to Emaar, the successful bidder for ‘Plot 8A’ can build a 30-storey high commercial tower, which will have a total gross floor area (GLA) of 505,904 square feet and nearly five per cent of total GFA for retail.

“The minimum bid price is at Dh600 per square feet (psf),” the company states.

Only a handful of vacant plots are up for sales in Downtown Dubai, with prices in the secondary market ranging between Dh400 and Dh500 per square feet, real estate agents told Emirates 24|7.

Emaar is, therefore, seeking a premium of between 20 and 50 per cent on the plot, which is located near Emaar Square, the Dubai Mall and the Address Dubai Mall.

No date is mentioned on when the sale will be announced.

As per Emaar’s expression of interest (EOI) document, the bidder will have to deposit Dh5 million on the date of signing of the EOI.

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

The remaining balance will be paid in four equal installments of 20 per cent each on November 30 2014, March 30 2015, June 30 2015 and September 30 2015.


 

Follow Emirates 24|7 on Google News.