Emaar seeks at least Dh303m from bidders for Downtown Dubai plot

12/10/2014 07:40 AST

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.

Emirates 24|7