Dubai's Lamcy Plaza up for auction - asking price slashed

Dubai: Once one of Dubai’s most popular shopping destinations, the Lamcy Plaza is once again up for auction.

The base price for bidders has been set at Dh185 million, and with the final date for sending in the bids being August 20.

The mall, which has been shut since 2017 after a fire, had come up for auction in April 2024, and with a base price of Dh210 million. That time, the auction process closed without gaining any bidders.

The Lamcy Plaza along the Palazzo Versace Dubai hotel have been two high-profile properties to figure in auctions.

The latter has come to the auction multiple times, each one seeing a sizable slashing of the minimum price for any deal to go ahead. But as with Lamcy Plaza, there have been no bidders for the Palazzo Versace Dubai, even though it continues to be one of the most successful hotels in the city.

Similarly, “Lamcy Plaza had been successful for most of its operating years right up to the May 2017 fire,” said a retailer who had multiple stores at the mall. “Daily and weekend traffic at the time would make it among the most successful community malls in Dubai. It used to attract high turnouts even with all the new malls that opened during those years.”

Industry sources say Lamcy Plaza also was a pioneer in making its food court a significant revenue generator, offering mid-budget options.

After the fire, there had been attempts at re-opening the mall, but never came to fruition. All through this time, the locations around the property continue to have a high demand for its residential, office and street-side retail and F&B outlets.

Auctions had proved successful in recent times to offload some of Dubai's legacy projects such as the 'Pentominium Tower' in Dubai Marina (picked up by Select Group) and plots in Falcon City.