Dubai Developer To Select Tenants for New Building Through Auction
In a first of its kind in the UAE, a Dubai property development and management company is adopting a unique auction system to select tenants. Unlike the conventional practice where tenants choose the buildings to live in, this move marks a shift in the region’s real estate landscape.
On Sunday, Alphabeta Properties launched its residential project M77 on Meydan Avenue, introducing unconventional rental procedures. M77 will determine its residents through an invite-only online auction, a unique concept in Dubai’s real estate market.
Comprising 77 apartments of 1, 2 and 3 bedrooms, the luxury building offers Downtown and Burj Khalifa views, a full-floor gymnasium, a 50-meter Olympic-sized pool, a smart keyless entry system and other amenities.
The developer has caped the rentals of the units with 1-bedroom apartments ranging between Dh105,000 and Dh150,000, depending on the size, which ranges from 900 sq ft to 1,650 sq ft. Similarly, the annual rent for 2-bedroom units of 1,800 sq ft to 2,000 sq ft ranges from Dh215,000 to Dh260,000. At the same time, 3 BHK rentals cost between Dh250,000 and 350,000 per year.
The online auction on Alphabeta Properties began on January 21 and will likely run for two weeks. Interested candidates are required to register, and those shortlisted will be invited to take part in the auction and also visit the properties in person.
The developer has already delivered over Dh1 billion worth of projects in different localities, including Al Barsha, Jumeirah, Al Safa and others. The company has built its portfolio around leasing, and most tenants are based in the affluent rental market segment.
