Dubai has just witnessed its single-largest residential land transaction. Three plots in Dubai Marina sold for a total of AED 690 million ($187.6 million).
The built-up area of the transaction is over 1.7M sqft and the new owner (a Dubai-based real estate developer) will be using the land to construct ultra-luxury apartments and penthouses with unobstructed views of the sea, Dubai Eye and Palm Jumeirah.
It is Dubai’s single biggest residential land transaction to date, overtaking the previous AED 600 million deal by Indian billionaire Mukesh Ambani who recently bought a mansion on Palm Jumeirah.