After years of being closed, the iconic retail property in Dubai, Lamcy Plaza got a buyer.
Lamzy Plaza, once an iconic shopping mall in Dubai, has been shut since a fire in 2017, and now changes hands at an auction for Dh 188.7million ($51 million). This popular shopping mall and its land were auctioned on the Emirates Auction website last month.
Lamzy Plaza is a five-story mall, a central figure at Oud Metha since its opening in 1997. This property was a key retail and entertainment hub before the current larger malls were built. Previously, the mall housed over 150 stores along with a hypermarket and movie theatre. After repeated attempts, the mall secured a winning bid. It was initially listed with a starting bid of Dh 200 million last year, but unfortunately, it failed to find buyers. However, the recent auction with a minimum price of Dh 185million also failed to secure a buyer before the final successful bid.
Since 1999, Lamcy Plaza has been on its way to becoming one of Dubai’s popular communities/mid-market malls. The buyer of the property and land has not been disclosed; however, the demand for premium retail space has increased due to strong economic growth and tourism, which keeps rents and occupancy high.
Recently, to mark its 20th year, Mall of the Emirates announced its massive launch of a Dh5 billion ($ 1.4 billion) transformation led by the developer Majid Al Futtaim, which will introduce 20,000 meters of new retail space and 100 new stores.
The iconic shopping center
Lamcy Plaza mall has been a popular fixture in Oud Metha ever since it opened in 1997. However, its operations were stopped following a major fire in 2017. The mall was shut right after the fire, but the reason behind the blaze was not disclosed. After the incident, the mall’s then-operator, Lals Group, stated that the mall’s private owner was responsible for restoration. Although reopening was initially expected within months, the property stayed closed for several years, facing failed auction attempts.
The prolonged closure created a unique situation in the market, leaving this well-known property to lie dormant in a prime area until its sale this month.
