Thursday, 09 December 2021 04:52 GMT

Dubai: Land plot in DIFC sold for a whopping Dh289 million


(MENAFN- Khaleej Times) Thu 25 Nov 2021, 8:57 AM

Last updated: Thu 25 Nov 2021, 8:58 AM

Global real estate consultancy firm Knight Frank and CoReal advised Emirates NBD on the successful first private sale of the highly coveted plot in Dubai International Financial Centre (DIFC) for Dh289 million.

Located next to Burj Daman and opposite ICD Brookfield, the plot has an estimated total build-up area of 2.2m sqft.

The plot has a notorious history having originally been purchased in 2010 by Al Rihab Real Estate and was later subject to the first-ever repossession order in 2021, granted by the DIFC courts in favour of Emirates NBD after a lengthy legal case.

Emirates NBD appointed Knight Frank and CoReal to sell the plot through a private treaty sale process, which received multiple buyer interests from across the world through multiple bidding rounds.

The deal, which was a cash transaction, demonstrated not only the strength of the Dubai real estate market but its attraction as a key regional and global investment hub.

The luxury development is expected to include exclusive hospitality, residential, commercial and retail space that will add to the already diverse real estate offering at DIFC. The plot was finally secured by a private family developer represented by Luxhabitat Sotheby's International Realty.

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Andrew Love – Partner, Head of ME Capital Markets and Commercial Agency at Knight Frank and Gaurav Shivpuri – Founder and Partner at CoReal stated:“A deal of this magnitude is monumental not just for Dubai International Financial Centre, but also Dubai itself. It re-affirms Dubai's position as one of the key global investment centre's, signified by the vast amount of international buyer interest this land plot received. For DIFC as well, a mixed-use development such as this is invaluable and further expands the district's diverse real estate portfolio offering.”

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