Investors sign up for Burj Khalifa auction

Nearly 40 investors have registered to take part in an auction to buy an entire corporate floor in the Burj Khalifa, the world’s tallest tower, the online auctioneers have told Arabian Business. US-based LFC Group of Companies, which is handling the sale via the Freedom Realty Exchange, said it expects to see a spike in registrations in the weeks leading up to the auction. “To date there are nearly 40 registered in the auction, but because of the sealed bid format of the auction, it is not known how many bids have been received,” a spokesperson for LFC Group of Companies said in an emailed statement. “It’s been our experience that many bidders wait until closer to that time as they utilise the weeks leading up to the bid deadline to conduct property research and tour the property,” they added. The auction, the first of its kind for Dubai, will see the 110th floor going under the hammer with the minimum bid set at $5.4m. Interested parties have until June 28 to submit their bid. “As far as notable real estate auctions, this one tops them all,” Bill Lange, president and CEO, LFC Group of Companies said last month. “Regardless of the notoriety of the Burj Khalifa, the auction will attract serious buyers who understand that this is an once-in-a-lifetime opportunity to purchase an entire corporate floor in the Burj Khalifa at a price they determine through online bidding,” he added. Unveiled at the height of Dubai’s property boom, the world’s tallest tower was inaugurated in January 2010 with a glittering water and fireworks display. Developer Emaar sold 90 percent of the tower’s 900 apartments ahead of its launch. The 828m-tall Burj Khalifa also includes 144 Armani-branded residences, 37 floors of office space and the 160-room Armani Hotel.