Shopping Mall Auction Price Reduced

Lamcy Plaza, a former popular shopping destination in Dubai, is again up for auction with a starting price of Dh185 million. This follows a previous auction in April 2024, which failed to attract any bidders at a higher base price of Dh210 million. The mall has been closed since a fire in May 2017.

The property's struggles mirror those of other high-profile assets like the Palazzo Versace Dubai hotel, which has also faced repeated auctions without success, despite its continued success. Lamcy Plaza was once a thriving community mall, known for its strong foot traffic and successful food court.

Despite attempts to reopen after the fire, the mall remained closed. The surrounding area, however, continues to be in high demand for residential, office, and retail spaces. Recent auctions have seen success in selling off legacy projects in Dubai, such as the 'Pentominium Tower' and plots in Falcon City.