- A plot of sand in Dubai half the dimensions of a soccer discipline offered for $34 million, per Bloomberg.
- It was offered by PrettyLittleThing founder Umar Kamani, who made a 242% revenue in two years.
- The undisclosed purchaser plans to make use of it for a household trip residence.
A plot of sand on a luxurious Dubai island has offered for $34 million, greater than triple what its former proprietor paid for it, Bloomberg reported.
The 24,500 sq ft plot — about half the dimensions of a soccer discipline — is on Jumeirah Bay Island, a man-made island within the form of a seahorse.
“It is 125 million for sand,” Andrew Cummings, head of prime residential at Knight Frank in Dubai, advised Bloomberg – referencing its worth within the native foreign money, United Arab Emirates dirhams.
“Every thing that is been making the press has predominantly been spectacular villas, it has been unbelievable penthouses and all these things,” he added. “However that is only a large record-breaker for a land plot.”
The undisclosed purchaser is planning to construct a household trip residence on the plot, based on Bloomberg.
It was offered by Umar Kamani, the founding father of UK-based fast-fashion retailer PrettyLittleThing, who paid $10 million for it two years in the past.
Bloomberg experiences that Kamani additionally owns an an identical neighboring plot, which he plans to supply for $36.7 million.
Costs on Jumeirah Bay Island are so costly as a result of there have been solely 128 plots initially placed on provide. By comparability, there are millions of properties on the tree-shaped Palm Jumeirah island, and 300 within the World Islands archipelago.
Final September, LUXHABITAT Sotheby’s Worldwide Realty broke information with a $50 million land sale on the island – however that was for 2 plots. Eight months later, Kamani’s pair may go for 41% extra.
And on the identical island, the penthouse on the under-development Bulgari Lighthouse turned Dubai’s most costly condominium in February, promoting for $112 million, per Arabian Enterprise.
