According to Emaar, the successful bidder for ‘Plot 8A’ can build a 30-storey high commercial tower, which will have a total gross floor area (GLA) of 505,904 square feet and nearly five per cent of total GFA for retail.
“The minimum bid price is at AED600 per square feet (psf),” the company states.
Only a handful of vacant plots are up for sales in Downtown Dubai, with prices in the secondary market ranging between AED400 and AED500 per square feet, real estate agents told Emirates 24|7.
Emaar is, therefore, seeking a premium of between 20 and 5% on the plot, which is located near Emaar Square, the Dubai Mall and the Address Dubai Mall.
No date is mentioned on when the sale will be announced.
As per Emaar’s expression of interest (EOI) document, the bidder will have to deposit AED5 million on the date of signing of the EOI.