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Mazad Auction was attended by 200 investors at Cityscape

- December 11, 2006, 9:07 pm

Mazad, the auction house of Dubai Properties, raised over AED 250 million within the first hour for 11 select DP lots during its third public sale, which took place on the last day of Cityscape 2006.

The auction was attended by 200 investors from the UAE and across the region.

Dubai Properties sold exclusive residential and commercial units as well as lands in a number of Dubai Properties projects, including Culture Village and The Executive Towers at Business Bay.

Shahab Lutfi, Director of Business Development said: ‘We are delighted with the outcome of our third auction. We had originally planned to offer nine lots in various residential and commercial projects, but due to the enthusiastic investor response, we increased the offering to 11 lots.’

Culture Village proved very popular with investors as one of Dubai Properties’ best located developments along the historic Dubai Creek. Amid highly intense bidding activity, plots in the newly launched master development sold for AED 31 million, exceeding Dubai Properties’ expectations.

‘The Mazad auction provided an exclusive opportunity to own plots and units at some of the best locations in Dubai. The investors, aware of its long-term benefits, took full advantage of the opportunity. The success of the auction highlights the confidence that international investors have in the sustainability of the Dubai property market,’ Lutfi added.

Mazad was set up in 2005 by Dubai Properties to cater to a growing number of high-net worth investors looking for viable real estate financial opportunities with optimum returns on investment.

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