Emaar opens bid for $82mn Downtown Dubai plot

Minimum bid price is $163 per square feet (psf)

Emaar is Dubai's largest property developer.
Emaar is Dubai's largest property developer.

Emaar Properties has opened up a commercial plot in Downtown Dubai for bids which are expected to reach $82mn.

This is the first open invite which Emaar, Dubai's largest developer, has put up this year.

Plot 8A sits in what Emaar descries as "one of the most prestigious square kilometres in the world",  home to the world's tallest building as well as the world's biggest mall.

The winning bidder will be able to build a 30-storey commercial tower with gross floor area (GFA) of 505,904ft2 and nearly 5% GFA for retail.

They will be required to pay a deposit of $5mn on the date of signing the Expression of Interest (EOI) and the first installment - 20% of the purchase price - within seven days.

The remaining balance will be paid in four installments of 20% each on 30 November 2014, 30 March 2015, 30 June 2015 and 30 September 2015.

The date of sale is yet to be announced.

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