LONDON: A British entrepreneur has sold an undeveloped plot of land in Dubai for £27.3 million ($33.8 million), it was reported on Tuesday.
Multimillionaire Umar Kamani from Manchester, who founded the online fashion brand PrettyLittleThing, sold the 24,500-square-foot piece of land, which is located on the seahorse-shaped Jumeirah Bay island off the Dubai coast, to an anonymous buyer.
The Times newspaper reported that it has been suggested the purchaser is a member of a Middle Eastern royal family, who plans to build a family home on the ultra-exclusive island.
Having bought the land for £6.4 million in 2017, Kamani will make more than £20 million in profit from the deal.
Andrew Cummings, the head of Dubai prime residential at estate agents Knight Frank, told the newspaper that the island was a “sub-market only accessible by the ultra wealthy.”
He added that the price tag of the plot “would normally represent a spectacular penthouse or palatial mansion,” but that “Jumeirah Bay’s exclusivity means that this only buys you the sand on which to build your dream home.”
A Bloomberg report said Kamani still owns a similar plot on the island, which he plans to sell for £29.4 million.
