A land deal of 690 million dirhams in Dubai

Dubai witnessed the sale of 3 residential plots worth 690 million dirhams on the waterfront in Dubai Marina, while the built-up area of the plots is 1.7 million square feet, and the total area of land overlooking the waterfront is more than 100,000 square feet.
Metropolitan Premium Properties and Mallorca Properties said in a press release announcing the deal that luxury apartments and penthouses are expected to be built on plots of land sold to a real estate development company in Dubai.
Ahmed Aboulnaga, Head of Institutional Sales at The Metropolitan Group, said: We are currently witnessing a huge demand from international developers looking to expand their operations in Dubai. Most of these developers are multinational companies seeking prime plots of land to develop luxury real estate projects.
“This transaction reaffirms Dubai’s position as a destination for prime land and real estate,” said Fakhruddin Minoivar, Founder and Chairman of Mallorca, a commercial real estate consultancy.