Metropolitan Premium Properties (MPP), a full-service real estate agency and the Metropolitan Group’s flagship property company, together with Mallorca Properties, a boutique commercial real estate firm specialising in high-end and private real estate investment opportunities, have closed Dubai’s single biggest residential land transaction to date – a US$187 million deal for three plots in Dubai Marina.
In a statement, the companies said that the built-up area of the transaction is more than 1.7 million square feet, while the total seafront plot is more than 100,000 square feet, directly on the marina. Ultra-luxury apartments and penthouses are expected to be developed on the plots, which were sold to a leading Dubai-based real estate developer.
Ahmed Abou El Naga, Head of Institutional Sales of Metropolitan Group has sourced and orchestrated the deal with the assistance of Fakhreddin Minooeifar, Founder and Chairman of Mallorca Commercial Real Estate Advisory who represented the buyer, the statement said.
“There are only a handful of seafront plots available in all prime Dubai neighbourhoods and they are completely off the market. We are glad to play such a pivotal role in adding such a flagship development to the iconic Dubai skyline,” said Ahmed Abou El Naga, Head of Institutional Sales of Metropolitan Group.
“We are currently witnessing a massive demand from international developers to expand their operations in Dubai market. Most of these multinationals are after prime plots to develop high-end luxurious projects.”
Metropolitan Group launched its Institutional Sales division in May this year which is exclusively focused on transactions involving buildings, plots and income generating trophy assets.
Meanwhile, Mallorca Properties has a strong track record of strategic transactions and is primarily focused on commercial investment opportunities.
Fakhreddin Minooeifar, Founder and Chairman of Mallorca Commercial Real Estate Advisory said: “This deal further reaffirms Dubai’s leading positioning as a destination for prime plots and properties. We continue to work with an exclusive selection of high-net-worth clients and remain their trusted property advisor throughout the transaction process.”