Saturday, October 27, 2012

Business Bay, Culture Village, freehold land plots sold in public auction


Two freehold land plots, located in Business Bay area and Culture Village, in Dubai have been sold in a public auction for the first time ever, with a reserve price of Dh.53.44mn and Dh.32.10mn respectively.

The Dubai Land Department, after a five-month break, has announced its new auction list of these two land plots, 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 12th November.
The commercial plot in Business Bay to be auctioned on 14th November spans 4,970 square meters, with a ground plus 19-storey.

A 1,355 square meter apartment in Le Reve, a luxury tower in Dubai Marina, will also be auctioned on the same day, with reserve price of Dh.9.5mn.

Among the other properties are a leased apartment in South Ridge 1, Downtown Dubai, for Dh.1.4mn; a 138 square meter apartment in Al Arta 2, Al Thannyah Third for Dh.1.15mn, and a villa in Al Thannyah Fourth, spanning 1,387 square meters for Dh.7mn.

On 19th November, a non-leased 150 square meter apartment in Marina View Tower A will go under the hammer, with base price of Dh.1.14mn, and bids for a 89 square meter apartment in the tower starting from Dh.800,000.

A 121 square metre apartment in Madison Residency, Al Thannyah First, will be auctioned with a base price of Dh.1mn, with the unit being leased for Dh.62,000 a year. Bidding for non-leased 145 square metre apartment in Al Fairooz Building in Dubai Marina Will start from Dh.1.3mn.

The Section Head at DLD, Humaid Omran Al Shamsi, said that nearly 80 properties will be placed on auction this year. Last year, DLD auctioned nearly 35 freehold and non-freehold properties, out of which, only 9 properties have not been sold.

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