Damac buys Dubailand plot for $513 million

The plot is 30 per cent larger than its current Akoya project in Dubai.

Damac Real Estate has purchased a plot of land from Dubailand for US$513m.

The plot comprises about 55 million sq ft, the Dubai property developer said in a statement. This is 30 per cent larger than its current Akoya project in Dubai, which covers 42 millon sq ft.

Damac said the acquisition is in line with its strategy of replenishing its land bank with land in prime Dubai locations to ensure a consistent pipeline of future sales inventory.

It added that the purchase will be funded via proceeds of its $650m sukuk sold in the second quarter.

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