Dubai's Lamcy Mall auction has once more fallen through - is it still possible to locate a new owner for the mall?
In the bustling city of Dubai, the popular shopping destination, Lamcy Plaza, has been up for auction three times since 2017, following a fire that caused its closure. However, each attempt has been unsuccessful, with no bids being placed.
The retail mix within the mall may need to be adjusted to reclaim shopper traffic. According to industry sources, a consortium of buyers could help manage the costs of reopening Lamcy Plaza. Potential investors for financing and renovating the mall could include real estate development companies, private investors, local government bodies, and international investment groups specialising in commercial properties. The costs would vary widely, depending on the scale of renovation, the current building condition, and market factors.
The minimum bid price for the auction was set at Dh185 million, with the first auction process last year having a bidding price of Dh210 million. Despite the high bidding prices, no successful bidder has been found. The extra funds required to reopen the mall are estimated to be between Dh50 million and Dh100 million.
If the mall reopens, it is likely to have an increased representation of gold and jewellery outlets. If it reopens as a community mall, its history and location are likely to ensure a solid start. The auction seller, which could be the banks owed money, could support a buyer by asking for staggered payments.
Meanwhile, another property in Dubai received a massive response during the same period as the Lamcy auction, with over 207 bids. The popularity of the auction process for properties in Dubai continues to grow.
It is worth noting that this response was for an abandoned project in JVC, not Lamcy Plaza. The fate of this iconic shopping destination in Dubai remains uncertain, as the auction process continues.
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