Metropolitan Premium Properties and Mallorca Properties close Dubai’s biggest residential land transaction

Metropolitan Premium Properties (MPP), a full-service real estate agency and the Metropolitan Group’s flagship property company, and Mallorca Properties, a boutique commercial real estate firm specializing in high-end and private real estate investment opportunities, have closed Dubai’s single biggest residential land transaction to date — an AED 690 million ($187.6 million) deal for three plots at Dubai Marina.

The built-up area of the transaction is more than 1.7 million square feet, and the total seafront plot is more than 100,000 square feet directly on Dubai’s most luxurious marina with unobstructed views of the sea, Dubai Eye and Palm Jumeirah. Ultra-luxury apartments and penthouses are expected to be developed on the plots that were sold to a leading Dubai-based real estate developer.

Fakhreddin Minooeifar, founder and chairman of Mallorca Commercial Real Estate Advisory, said, “This deal further reaffirms Dubai’s leading positioning as a destination