An entire corporate floor in Dubai’s Burj Khalifa, the world’s tallest building, is to be sold in an online auction.
The auction, the first of its kind for Dubai, will see the 110th floor going under the hammer with the minimum bid set at $5.4m.
Bids must be submitted by June 28, said LFC International Real Estate Brokerage, a licensed auction and real estate brokerage which is conducting the auction.
The auction will be conducted online on the Freedom Realty Exchange, an industry-leading online real estate auction platform, a statement said.
“As far as notable real estate auctions, this one tops them all,” said Bill Lange, president and CEO, LFC Group of Companies.
“Regardless of the notoriety of the Burj Khalifa, the auction will attract serious buyers who understand that this is an once-in-a-lifetime opportunity to purchase an entire corporate floor in the Burj Khalifa at a price they determine through online bidding.”
The owner of the 110th floor, who has not been named, added: “Dubai is a global community and what better way to reach the global buying market than with an online auction where anyone interested in purchasing the property can do so no matter where they are in the world.
“I’m also very excited that the auction presents a date certain for sale by compelling buyers to get involved now or risk someone else taking advantage of the auction sale.”
The LFC Group of Companies said it has auctioned thousands of office, commercial, industrial, land and residential properties worldwide, with sales in excess of $5bn.
The Burj Khalifa, which opened in 2010, stands 2,716 feet tall and is a mixed-used property consisting of 163 floors; 37 floors are devoted to corporate office space.
Earlier this month, Dubai Land Department (DLD) said it expects to auction up to 80 properties this year as banks move to take action to recoup losses from homeowners in mortgage default.
“The number of properties will be higher than last year, for example, maybe we can reach 80 properties at the end of this year,” said Humaid Omran Al Shamsi.
Source: Arabian Business
;line-height:110%’>Nairobi saw the biggest increase. New York and Singapore also witnessed increases.
Source: Emirates Business 24/7
>Growing demand for villas is also resulting in a new problem for real estate brokers – owners are cancelling agreements at the last minute in the hope, or in some cases, in the face of better offers.
The tendency, agents say, is more among villa owners in Springs, Meadows, Arabian Ranches and Jumeirah Islands, where prices have gone up in the past three months. Stock in some of these villa communities is “quite” limited, resulting in a gazumping tendency among sellers.
Source: Emirates Business 24/7
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