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Damac buys $513m plot from Dubailand

07.08.2014
Damac buys $513m plot from Dubailand
The luxury developer is acquiring a 55,000,000 square foot land in Dubai through the proceeds of a $650 million sukuk it sold in the second quarter. Luxury property developer Damac is acquiring a half billion dollar plot of land from Dubailand, Gulf News reported.
The 55,000,000 square foot land in Dubai is being purchased through subsidiary Front Line Investment Co for $513 million, the developer announced earlier this week.
Damac said in the statement, “the acquisition is in line with the company’s long-term strategy of replenishing its land bank with land in prime Dubai locations to ensure a consistent pipeline of future sales inventory.”
The developer is funding the acquisition from the proceeds of a $650 million sukuk it sold in the second quarter.
Last week, Damac announced it is offering to convert Damac Real Estate Development Limited (DRED) London-listed Global Depository Receipts (GDRs) for shares that would be listed on the Dubai Financial Market (DFM).
Damac, with a market capitalisation of about $3.5 billion, is expected to list up to 15% of the company on Dubai’s main bourse.
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125,000 / year
Ref.No: OF1209
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1,655 ft2
76 AED/ft2
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58,500 / year
Ref.No: OF662
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1,300 ft2
45 AED/ft2
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6,800,000
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Lease process (Rent out)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

Property management

Lease process (Rent)
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.
Real estate search.

Up to 5 days

Real estate search.

Selection of optimal options.

Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the lessee:

-5% agency commission of the annual contract price

Additional services:

None

Purchase process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Property Selection

~ 2 weeks secondary

~ 3 weeks new building

Property Selection

Selection of optimal options

Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Customer charges:
  • 2% from purchase at transaction
  • 4% - registration of the transaction at registration
Additional services:

Property management

Sales Process
Contract of the lessee and agency.

1 hour

Contract of the lessee and agency.

Required documents:

  • copy of the passport
  • copy of the certificate of ownership
Ad placement

1 day

Ad placement:
  • 20 real estate portals;
  • client base of the agency;
  • profile exhibitions, etc.
Signing of the lease agreement

Up to 2 days

Signing of the lease agreement
Expenses of the seller:

None

Additional services:

None

the management process
Contract of the owner and agency

1 hour

Contract of the owner and agency
Rendering of management services

1 year

Rendering of management services
Reporting

1 day

Reporting
Expenses of the owner:

5% of the annual rental price

Additional services:

None

Investment Process
Contract of the tenant and agency.

1 hour

Contract of the tenant and agency.
Selection of optimal investment options

From 3 days

Selection of optimal investment options
Registration of the contract of purchase / sale

1 Week

Registration of the contract of purchase / sale
Expenses of the investor:
  • 2% when investing in the secondary market
  • 0% when investing in a new building
  • 4% - registration
Additional services:

Property management