Fire-hit Dubai shopping mall fails to attract auction bids

Wikimedia Commons

• Lamcy Plaza closed since 2017
• Up for auction at $54m
• Once central to Oud Metha district

A Dubai shopping mall closed since a fire in 2017 has failed to attract interest from potential buyers after being put up for auction.

The Lamcy Plaza mall went on auction earlier this month with a starting bid of AED200 million ($54 million), but received no offers.

The five-storey neighbourhood mall, which opened in 1997, was central to the Oud Metha area and an important retail and entertainment destination before Dubai’s larger malls were built.

---

---

It housed more than 150 retail outlets, as well as a cinema, hypermarket and food court.

The mall’s then operator, Lals Group, told the Dubai daily Gulf News in 2017 that the building would be back up and running a few months after the fire.

• Aldar unveils $136m plan to revamp UAE shopping malls

• Rapid growth for Dubai retail despite rising costs

• Dubai is building bricks-and-mortar appeal, says Jumbo CEO

Lals Group had a head lease on the property, which belonged to a private owner.

The operator said at the time that the landlord was responsible for reinstatement of the property.

The building and its land, spread across two plots, was offered for auction through the Emirates Auction website.