Business | Property
Mazad fetches Dh250m in auction
Mazad, the auction house that operates under Salwan, a subsidiary of Dubai Properties Group, surpassed expectations by fetching nearly Dh250 million within two hours.
- Staff Report
- Published: 00:01 June 14, 2008
Dubai: Mazad, the auction house that operates under Salwan, a subsidiary of Dubai Properties Group, surpassed expectations by fetching nearly Dh250 million within two hours.
The exclusive private auction at the Burj Al Arab Hotel was attended by over 250 of Dubai's elite investors from the UAE, the region and beyond.
As a first initiative since its inception earlier this year, Salwan 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.
"We are delighted with the outcome of our fourth auction. It offered our elite clientele a professionally managed platform to bid for prime property," said Saeed Bushalat, CEO of Salwan.
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