Lamcy Plaza was one of the once-thriving shopping malls in Dubai. Now, it has finally been sold at auction for Dh188.7 million ($51 million) after remaining closed for over seven years. However, the property, including its land, was listed on the Emirates Auction portal and received a successful bid the previous month.
From Retail Landmark to Abandoned Property
Opened in 1997, Lamcy Plaza was a vibrant hub in Oud Metha. However, it was a house of more than 150 stores with a cinema and a hypermarket. Moreover, this five-story mall was one of the multi-purpose shopping destinations in Dubai that attracts families and tourists.
A major fire forced its sudden closure in 2017. However, the cause of the fire was not publicly revealed by the operator. Still, the mall’s operator, Lals Group, confirmed that the responsibility for rebuilding lay with the private owners of the property. Despite early expectations of instant reopening, the mall remained closed, but its silence in the retail industry becomes louder
Multiple Failed Attempts Before Successful Sale
The auction process for the Lamcy Plaza has been turbulent. The mall was initially listed last year at Dh 210 million, but no one came forward. Similarly, another attempt with a reduced minimum bid of Dh 200 million also failed. Even the auction attracted no successful offer when the price lowered to Dh185. Finally, the auction for this month closed at Dh188.7 million, which marks the end of years of uncertainty. However, the details related to the buyer have not been revealed yet.
Dubai’s Retail Sector Sees Renewed Confidence
The sales come at a time when the retail sector of Dubai is experiencing strong growth due to the robust economic activity and growing tourism. However, high demand for quality retail spaces has kept occupancy rates up across the emirate.
On the other hand, the significant players are also investing heavily in upgrades. In addition, Mall of the Emirates, operated by Majid Al Futtaim, recently revealed a Dh5 billion ($1.4 billion) redevelopment plan to celebrate its 20th anniversary. However, the space will introduce 100 new stores with this revamp. So, it will strengthen the position of Dubai as a global shopping destination.
What’s Next for Lamcy Plaza?
The sale of this mall has opened the door to potential redevelopment. So, experts believe that the property could reemerge as a significant retail or mixed-use space. Hence, it could again contribute to the vibrant commercial landscape of Dubai.
Read more:
Fawad Khan and Vaani Kapoor deliver the breezy rom-com with Aabeer Gulaal
[…] Lamcy Plaza Sold at Auction for Dh188.7 Million After Years of Closure […]