Dubai property broker expands ops after $430m sales
Dubai real estate brokerage fam Properties has announced expansion plans after topping AED1.59 billion ($430 million) in sales this year. Firas Al Msaddi, CEO of fäm Properties, said that a five-year lease has been agreed with Nakheel for a new three-floor retail outlet on the Palm Jumeirah as the company looks to "dramatically increase" the size of its sales team. “If we didn’t believe in this market, the last thing we would be doing is signing an unbreakable five-year contract,” said Al Msaddi. “The fact that we’ve now exceeded sales of AED1.5 billion this year shows that investor interest is very much alive.” He added that the expansion deal represents a AED9 million investment.Major deals secured by fäm Properties this year include AED700 million for five bulk residential transactions in newly developed areas of Dubai such as Bluewaters Island and Citywalk, as well as two AED170 million plots of land to be developed in Business Bay.
Tags : INTERNATIONAL