Metropolitan Premium Properties (MPP), a full-service real estate agency and flagship property company of the Metropolitan Group, together with Mallorca Properties, a boutique commercial real estate firm specializing in high-end and private real estate investment opportunities, completed the largest residential land deal in Dubai to date - the Dh690 million ($187.6 million) deal for three plots of land in Dubai Marina.

The deal has a floor area of more than 1.7 million square feet, with waterfront plots totaling more than 100,000 square feet, and is located directly on Dubai's most luxurious marina with unobstructed views of the sea, the Dubai Eye and Palm Jumeirah.

Ultra-luxury apartments and penthouses are expected to be developed on these sites, which have been sold to one of Dubai's leading real estate developers.

Ahmed Abou El Naga, Head of Institutional Sales at Metropolis Group, sourced and orchestrated the deal with the assistance of Fakhreddin Minooeifar, Founder and Chairman of Mallorca Commercial Real Estate Consulting, who represented the buyer.

"There are only a handful of waterfront plots available in all of Dubai's prime neighborhoods, and they are completely off the market. We are delighted to have played such a key role in adding such a flagship project to Dubai's iconic skyline," said Ahmed Abou El Naga, Head of Institutional Sales, Metropolitan Group.

"At present, we are seeing significant demand from international developers to expand their presence in the Dubai market. Most of these multinational companies are pursuing prime locations to develop high-end luxury projects."

Fakhreddin Minooeifar, founder and chairman of Mallorca Commercial Real Estate Consulting, said." The deal further reaffirms Dubai's leading positioning as a prime land and property destination. We will continue to work with an exclusive selection of high net worth clients and maintain their trusted real estate advisor throughout the transaction."

The Metropolitan Group launched its Institutional Sales division in May this year, dedicated to transactions involving buildings, plots and income-producing trophy assets. Meanwhile, Mallorca Properties has a strong track record in strategic transactions, with a focus on commercial investment opportunities.

In addition to MPP in Dubai, the Mallorca Group also includes Metropolitan Capital Real Estate in Abu Dhabi, Vienna-based real estate agency Luxury Immobilien GmbH, and FZE, a Mallorca advisory firm providing personal and commercial legal services in the UAE.

In addition, Mallorca Properties is a family-owned, award-winning boutique real estate investment advisory firm with the express goal of becoming a niche service provider with a focus on high-volume business opportunities.