By Ron Chen, Bureau Chief, Asia

A full-service real estate agency and the Metropolitan Group’s flagship property company, Metropolitan Premium Properties (MPP) together with Mallorca Properties, a boutique commercial real estate firm specializing in high-end and private real estate investment opportunities, have closed Dubai’s single biggest residential land transaction to date – an AED 690M (US$ 187.6M) deal for three plots at Dubai Marina.

The built-up area of the transaction is over 1.7 million sq.ft. and the total seafront plot is over 100,000 sq.ft. directly on Dubai’s most luxurious marina with unobstructed views of the sea, Dubai Eye and Palm Jumeirah. Ultra-luxury apartments and penthouses are expected to be developed on the plots which were sold to a leading Dubai-based real estate developer.

Head of Institutional Sales of Metropolitan Group Ahmed Abou El Naga has sourced and orchestrated the deal with the assistance of Fakhreddin Minooeifar, Founder and Chairman of Mallorca Commercial Real Estate Advisory who represented the buyer.

“There are only a handful of seafront plots available in all prime Dubai neighbourhoods and they are completely off the market. We are glad to play such a pivotal role in adding such a flagship development to the iconic Dubai skyline,” said Head of Institutional Sales of Metropolitan Group, Ahmed Abou El Naga. “We are currently witnessing a massive demand from international developers to expand their operations in Dubai market. Most of these multinationals are after prime plots to develop high-end luxurious projects.”

Founder and Chairman of Mallorca Commercial Real Estate Advisory Fakhreddin Minooeifar said: “This deal further reaffirms Dubai’s leading positioning as a destination for prime plots and properties. We continue to work with an exclusive selection of high-net-worth clients and remain their trusted property advisor throughout the transaction process.”

Metropolitan Group launched its Institutional Sales division in May this year which is exclusively focused on transactions involving buildings, plots and income generating trophy assets. In parallel, Mallorca Properties has a strong track record of strategic transactions and is primarily focused on commercial investment opportunities.