No deal finalised for Downtown plot: Emaar

While offers have been made, Emaar Properties issued a statement saying no deal had been struck on the Downtown plot the developer was looking to sell. Emaar Properties, Dubai’s largest listed developer said no deal had been finalised for the plot it was looking to sell in Downtown Dubai.
In a brief bourse statement commenting on a report by local media, Emaar said the sale was in the “normal course of business”.
It did not confirm or deny the AED303 million figure mentioned in the report as the sale price.  “Emaar has received a number of offers for the plot. No sale agreement has been signed as yet and the sale has not concluded,” Ayman Hamdy, Emaar’s general counsel wrote in the statement to the bourse.
The developer had invited bids for a commercial plot in Downtown Dubai to fetch at least AED303 million. 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.

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