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For sale: entire Burj Khalifa floor up for grabs

Opening bid starts at a 'low' $5.41m for storey above 110th floor

The opening bid for the online auction of an entire floor of the Burj Khalifa is $5.41m.
The opening bid for the online auction of an entire floor of the Burj Khalifa is $5.41m.

An entire corporate floor of the Burj Khalifa in Dubai is up for grabs, in what is being touted as the first-ever online real-estate auction in Dubai.

The floor is believed to be “above the 110th storey”, according to Freedom Realty Exchange, which is owned and managed by the LFC Group based in California in the US.

The company said the online event was expected to attract global attention due to the "low" opening bid of $5.41m (AED19.9m).

Commenting on the auction, Bill Lange, LFC Group president and CEO, said: “As far as notable real estate auctions, this one tops them all.”

Recent reports indicate that the real-estate market in Dubai is improving, mostly on the residential side, as the commercial and office market remain sluggish, with sellers looking to sell quickly, yet mitigate any loss in price. Auctions have proved to be effective where supply is high and demand is low.

“The international appeal of the Burj Khalifa lends itself perfectly to an online auction, as the barrier to entry for interested buyers is removed when the ability to bid is available directly from their own computer, laptop or tablet, regardless of where they are located in the world,” said Lange.

“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 at a price they determine through online bidding,” he said. All bids must be submitted by 28 June.

The anonymous property owner said: “Dubai is a global community, and what better way to reach the global buying market than with an online auction.”

LFC International Real Estate Brokerage LLC, a licensed auction and real estate brokerage in Dubai, is conducting the auction. Bids must be submitted by 28 June. Interested buyers must register a user account on the auction website, www.FRE.com/117R2. All bidding in the auction is conducted online.

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Construction Week - Issue 747
Aug 03, 2019