The online auction initiated by Alphabeta Properties commenced on January 21 and is expected to continue for approximately two weeks.The online auction initiated by Alphabeta Properties commenced on January 21 and is expected to continue for approximately two weeks.
On Meydan Avenue, Alphabeta Properties unveiled its residential project, M77, on Sunday, introducing unconventional rental procedures. M77 will select its residents through an exclusive online auction by invitation only, marking a distinctive concept in Dubai’s real estate market.
With a total of 77 apartments featuring 1, 2, and 3 bedrooms, the luxury building boasts panoramic views of Downtown and Burj Khalifa, along with amenities such as a full-floor gymnasium, a 50-meter Olympic-sized pool, a smart keyless entry system, and more.
The developer has set rental caps for the units, with 1-bedroom apartments ranging from Dh105,000 to Dh150,000 annually, based on sizes ranging from 900 sqft to 1,650 sqft. Similarly, the annual rent for 2-bedroom units, spanning 1,800 sqft to 2,000 sqft, falls between Dh215,000 to Dh260,000. Simultaneously, 3-bedroom rentals are priced between Dh250,000 to Dh350,000 per year.
The online auction on Alphabeta Properties commenced on January 21 and is anticipated to last for approximately two weeks. Prospective candidates must register, and those who make the shortlist will receive invitations to participate in the auction and visit the properties in person.
The developer has successfully completed projects exceeding Dh1 billion in various localities, such as Al Barsha, Jumeirah, Al Safa, among others. The company has focused its portfolio on leasing, catering predominantly to tenants in the affluent rental market segment.
Abdulla Al Shaibani, the founder of Alphabeta Properties, stated, “The invite-only rental bidding auction system is likely the first of its kind. I am not aware of any similar approach for rentals. It has been done for sales in the past.”
“M77 units are ready. It’s almost like an open house. Attendees will welcome invited guests. While we’ve conducted some close-door viewings, the majority are scheduled for Sundays.”
“Additionally, through our exclusive brokerage house, we have reached out to various agencies to compile a vetted list of tenants we believe are the right fit for the building,” Al Shaibani revealed in an interview with Khaleej Times.
Al Shaibani explained that the concept of an online auction for selecting tenants emerged due to high demand. Using an example, he mentioned that several individuals attempted to offer higher bids for the same unit in previous projects, making it challenging to keep raising prices for friends and tenants from previous buildings. Consequently, he opted for transparency by holding an auction, setting a date to ensure everyone had a fair chance to bid for their desired unit.
“We’re conducting an auction to ensure tenants feel they’ve had an opportunity to submit the best offer. Simultaneously, it is in our company’s interest to obtain the best price,” he emphasized.
While Al Shaibani does not anticipate the auction to last the entire two weeks, he expects 50 percent of units to be off the market by Sunday, considering the demand his properties have witnessed.
“Our philosophy is that the best building in the area will always be occupied and in demand. We can easily achieve rates that are 20-30 percent above the market rate. Although not a serviced apartment, we label it as semi-serviced apartments, offering a bundle of similar amenities, including maid service and cleaning, akin to what one can expect from serviced apartment hotels.”
