As the Dubai property sector set to end the year on strong note later this month, two leading real estate groups managed to secure the emirate's single largest residential land transaction by selling three plots in Dubai Marina for Dh690 million ($187.6 million).
Metropolitan Premium Properties (MPP) — a full-service real estate agency and the Metropolitan Group’s flagship property company, in a strategic collaboration with Mallorca Properties sold 100,000 square foot seafront plots on Dubai’s most luxurious marina with unobstructed views of the sea, Dubai Eye and Palm Jumeirah.
The built-up area of the transaction is over 1.7 million square foot and the new owner — a leading Dubai-based real estate developer — is expected to use space to build ultra-luxury apartments and penthouses.
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It is the Dubai’s single biggest residential land transaction to date overtaking the previous Dh600 million deal by Indian billionaire Mukesh Ambani who bought a property on the Palm Jumeirah.
Ahmed Abou El Naga, head of Institutional Sales of Metropolitan Group, has sourced and orchestrated the deal. — Supplied photo
Ahmed Abou El Naga, head of Institutional Sales of Metropolitan Group, has sourced and orchestrated the deal. — Supplied photo
Leading industry players
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.
El Naga 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. 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,” he said.
In May, Metropolitan Group launched its Institutional Sales division that is exclusively focused on transactions involving buildings, plots and income generating trophy assets. In parallel, Mallorca Properties has a strong track record of strategic transactions and is primarily focused on commercial investment opportunities.
In addition to MPP in Dubai the Metropolitan Group also includes Metropolitan Capital Real Estate in Abu Dhabi, Luxury Immobilien GmbH, a real estate agency in Vienna and Metropolitan Consulting FZE, providing personal and business legal services in the UAE.
Fakhreddin Minooeifar of Mallorca Properties 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,” he said.
Mallorca Properties is a family-owned multi-award-winning boutique real estate investment advisory with the clear goal of being a niche service provider and focused on big ticket commercial opportunities.
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