Knight Frank and CoReal, global real estate consultancies, advised Emirates NBD on the successful Dh289 million sale of a highly coveted plot in Dubai International Financial Centre (DIFC).
With an estimated total build-up area of 2.2m sqft, the plot is opposite Burj Daman and next to ICD Brookfield.
After a lengthy legal battle, the DIFC courts granted Emirates NBD the first repossession order on the plot in 2021 after it had been purchased originally by Al Rihab Real Estate in 2010.
Knight Frank and CoReal were commissioned by Emirates NBD to sell the plot through a private treaty sale process, which attracted a number of buyers across the world through multiple bidding rounds.
In this cash deal, not only did Dubai demonstrate its strength as a market, but also its attraction as a regional and global investment hub.
The luxury project will include exclusive hospitality, residential, commercial, and retail space, adding to the DIFC’s already diverse real estate offering. An international real estate firm represented by Luxhabitat Sotheby’s International Realty secured the plot for a private family developer.
Andrew Love – Partner, Head of ME Capital Markets and Commercial Agency at Knight Frank and Gaurav Shivpuri – Founder and Partner at CoReal stated: “A deal of this magnitude is monumental not just for Dubai International Financial Centre, but also Dubai itself. It re-affirms Dubai’s position as one of the key global investment centre’s, signified by the vast amount of international buyer interest this land plot received. For DIFC as well, a mixed-use development such as this is invaluable and further expands the district’s diverse real estate portfolio offering.”