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

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

According to MPP, the site has been sold to a leading Dubai real estate developer and it is likely that ultra-luxury apartments and penthouses will be featured on the property.

Ahmed Abou El Naga, head of institutional sales at Metropolis Group, has sourced and orchestrated the deal with the assistance of Fakhreddin Minooeifar, founder and chairman of Mallorca Commercial Property Consultants.

"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 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.

"We are currently seeing significant demand from international developers to expand their presence in the Dubai market. Most of these multinational companies are looking for premium plots to develop high-end luxury projects," he said.

Minooeifar said the deal further confirms Dubai's leading positioning as a prime land and property destination." He noted, "We will continue to work with an exclusive selection of high net worth clients and maintain their trusted real estate advisors throughout the transaction.

The Metropolitan Group launched its Institutional Sales division in May of this year to focus exclusively on transactions involving buildings, land parcels and income-producing trophy assets.

Mallorca Properties, meanwhile, has a strong track record of strategic transactions with a focus on commercial investment opportunities, Minooeifar added.