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Madania plans third auction in October |
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Monday July 27 2009
Madania Real Estate, a licensed property auctioneer company, plans to hold its third property auction in October, coinciding with Cityscape event, said the firm's CEO.
"We are not certain about the date, but we plan to hold our third auction in October, mostly during the time of Cityscape," Raymond Kuceli told Emirates Business.
Although the second property auction did not see any of the eight properties being sold, there were in total five bidders who bid for at least two properties.
Up for auction were two four-bedroom villas in The Meadows, two four-bedroom apartments in Jumeirah Beach Residence, a single bedroom apartment in International City and three commercial offices spaces in Jumeirah Lake Towers.
"We are closely negotiating on two of the properties even though nothing was sold during the auction. There has been some positive outcome as the sellers and buyers expectations are narrowing," said Kuceli.
The second auction did not witness too many "spectators" as the previous one in May. "This time it was more of people who were interested in the auction and the process," he added.
Kuceli told this newspaper on July 19 that he has faith that investors will embrace the auctioneering method.
The Madania auction programme is a three-phase process with a 60-day duration. The process begins with a vendor signing up exclusively with Madania to sell a property with title. Once all conditions are settled, a four-week campaign begins during which the property is advertised to attract cash buyers ready to buy. The second phase is the auction where buyers bid for the property. If the vendor's reserve price is met, the property will be sold. In the third phase, the firm will use all the information gathered during the first two phases to generate a buyer.
Source: Emirates Business 24/7
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