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The M77 building on Meydan Avenue will have an invitation-only auction.

PHOTO BY SUPPLIED


Residents for new Dubai building to be chosen through auction

A residential building in Dubai is adopting a first-of-its-kind auction system to select tenants, according to Alphabeta Properties.

The M77 building on Meydan Avenue will have an invitation-only auction to determine who will ultimately get to live in the property.

“It’s safe to say that the invite-only rental bidding auction system is probably the first of its kind,” said Abdulla Al Shaibani, founder of Alphabeta Properties.

M77 has 77 apartments with 1, 2 and 3 bedrooms with views of Downtown Dubai and Burj Khalifa. It also has a 50-meter Olympic-sized pool and a full-floor gym. Rents start at Dh105,000 for 1-bedroom apartments with sizes starting from 900sqft.

The registration for the online auction began on Sunday (January 21) and will run for two weeks. Shortlisted candidates will be invited to take part in the auction. ICA/Expat Media


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