Price of a substantial Dh2.57 billion, it’s now been cut to Dh2.45 billion after receiving no bids.

The land represents part of the Falcon City of Wonders, one of the legacy developments launched in the initial phase of Dubai announcing freehold rights to all in the early 2000s.

The 15.3 million square feet is split into 794 plots, which can be developed townhouses, a hotel, residential and hotel apartments, offices, retail outlets, and even a mall and theme park. Together, this represents one of the biggest chunks of land that’s come up for sale via Emirates Auction, according to multiple industry sources.

This particular auction had immediately grabbed the attention of Dubai property market stakeholders for its sheer size, the amount that the seller was hoping to get, and all the intricate details if the transaction was effected.

“Bidders will see if they can get better price breaks from the seller, that’s the nature of the auction game when it comes to land and property,” said a developer. “The Dh2.57 billion listing was clearly meant to see how the wind was blowing. Of one thing there’s no doubt – it will be an interesting transaction when it happens.”