The sale of “Lamsey Plaza” at the auction of 188.7 million dirhams

The Lamsey Plaza Shopping Center, located in the Oud Maitha area in Dubai, was sold at a value of 188.7 million dirhams, during an auction held on Wednesday, August 20.

The auction witnessed competition between 37 bidders through the electronic platform of “Emirates Auctions Company”, which laid the property at an opening price of 185 million dirhams.

According to the description contained on the Emirates Auctions website, the show included two pieces of land for commercial, office and residential use, where the first land area is 4110.96 square meters, and the second land area is 4087.73 square meters, (equivalent to 88250 square feet), and with a total building area of 390,111.82 square feet.

The Emirates Auctions website explained that the movables and commercial license are not among the sale, in addition to the offer for citizens of the Gulf Cooperation Council countries.

It is noteworthy that the Lamsey Plaza shopping center suffered a limited fire in March 2017, and has been closed since then.