Metropolitan Premium Properties (MPP), a full-service real estate agency, and the Metropolitan Group’s flagship property company, together with Mallorca Properties, a boutique commercial real estate firm specializing in high-end real estate investment opportunities, has closed the single biggest residential land transaction to date in Dubai - a AED690 million ($187.6 million) deal for three plots at Dubai Marina.

The built-up area of the property is over 1.7 million sq ft and the total seafront plot is over 100,000 sq m ft directly on Dubai’s most luxurious marina with views of the sea, Dubai Eye and Palm Jumeirah.

According to MPP, the plot has been sold to a leading Dubai-based real estate developer, and most likely ultra-luxury apartments and penthouses will come up on the property.

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

"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," remarked Ahmed Abou El Naga, the Head of Institutional Sales of Metropolitan Group.

"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," he stated.

Minooeifar said the 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," he noted.

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, added Minooeifar.

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