More than 250 participants, international and local investors actively participate in intense bidding at invitation call during auction. Mazad, the auction house that operates under Salwan, a subsidiary of Dubai Properties Group, exceeded expectations by obtaining nearly AED250 million within two hours. The exclusive private auction at the Burj Al Arab Hotel was attended by over 250 of Dubai's influential investors from the UAE, the region and overseas.
As a first initiative since its inception earlier this year, Salwan successfully managed the fourth edition of the Mazad auction. Salwan, the property management company under Dubai Properties Group, is responsible for managing commercial and residential stakeholders, including strata and property management (for the Group companies as well as others), sale and leasing of properties, Mazad auction house, and property advisory services.
The invitation-only auction saw Mazad offering for bids premium areas around Dubai, including commercial properties on behalf of Dubai Properties as well as other local developers.
Saeed Bushalat, CEO of Salwan, said: "We are delighted with the outcome of our fourth auction. It offered our elite clientele a professionally managed platform to bid for prime property. Auctions or a Mazad allows purchasers to make smart investments where the buyers determine the purchase price through live bidding, eliminating long and tedious negotiation processes."
He added: "The Mazad auction elicited positive responses from high-net worth investors who appreciated the transparent and straight forward process of bidding. The success of the auction highlights the confidence that international investors have in the sustainability of the Dubai property market."
Set up in 2005, Mazad has gained a sound and credible reputation amongst local and international investors, raising more than AED2 billion in sales since inception. Scheduled at periodic intervals, its auctions offer exclusive opportunities to purchase the most sought-after developments in Dubai and the other emirates.
