There are only a handful of waterfront plots available in all of Dubai's prime neighborhoods, and they are completely off the market.
With Dubai's real estate sector set to end the year on a strong note later this month, two leading real estate groups have managed to secure the emirate's largest residential land deal with the sale of three plots in Dubai Marina for Dh690 million ($187.6 million).
Metropolitan Premium Properties (MPP) - a full-service real estate agency and flagship property company of the Metropolitan Group - strategically partnered with Mallorca Properties to sell 100,000 square feet of waterfront land in Dubai's most luxurious marina, with unobstructed views of the sea, the Dubai Eye and Palm Jumeirah.
The deal has a floor area of more than 1.7 million square feet, and the new owner - a leading Dubai real estate developer - is expected to use the space to build ultra-luxury apartments and duplexes.
It is the largest residential land deal in Dubai to date, surpassing the previous Dh600 million deal for Indian billionaire Mukesh Ambani's property purchase at The Palm Jumeirah.
Metropolitan Group's head of institutional sales, Ahmed Abou El Naga, sourced and orchestrated the deal with the assistance of Fakhreddin Minooeifar, founder and chairman of Mallorca Commercial Real Estate Consulting, who represented the buyer.
In May, the Metropolitan Group launched its institutional sales division, which specializes in transactions involving buildings, parcels and income-producing trophy assets. Meanwhile, Mallorca Properties has a strong track record in strategic transactions and focuses primarily on commercial investment opportunities.
In addition to MPP in Dubai, the Metropolis Group includes Metropolis Capital Real Estate in Abu Dhabi, Vienna-based real estate agency Luxury Immobilien GmbH, and Metropolis Consulting FZE, which provides personal and business legal services in the UAE.
Mallorca Properties is a family-owned, award-winning boutique real estate investment advisory firm with a clear goal of becoming a niche service provider with a focus on high-volume business opportunities.
