Emaar seeks over AED300m for Downtown plot

12.10.2014
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. Emaar Properties is inviting developers to bid for a commercial plot in Downtown Dubai that will fetch at least AED303 million, Emirates 24/7 reported.
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.

Subscribe to our news

Latest Availability
Latest property news
Send us an enquiry or request a call back
Your name *
Phone
E-mail *
Your message *
*- indicates required
Request a call back
Lease process (Rent out)

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)

1 hour

Contract of the lessee and agency.

Up to 5 days

Real estate search.

Selection of optimal options.

Up to 2 days

Signing of the lease agreement

Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process

1 hour

Contract of the tenant and agency.

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

1 Week

Registration of the contract of purchase / sale

Customer charges:

  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration

Additional services:

Property management

Sales Process

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership

1 day

Ad placement:

  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.

Up to 2 days

Signing of the lease agreement

Expenses of the seller:

None

Additional services:

None

the management process

1 hour

Contract of the owner and agency

1 year

Rendering of management services

1 day

Reporting

Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process

1 hour

Contract of the tenant and agency.

From 3 days

Selection of optimal investment options

1 Week

Registration of the contract of purchase / sale

Expenses of the investor:

  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration

Additional services:

Property management