46 Bidders Compete for Dubai Marina's Luxury 'Pentominium' Tower in Auction

The highly-anticipated auction for the 'Pentominium,' an iconic luxury tower project in Dubai Marina, has attracted 46 competitive bids. The Pentominium was a prominent development by the now-defunct Trident developer during the mid-2000s Dubai freehold property boom. It was designed as an all-penthouse project and quickly sold out upon its off-plan sales launch, with significant investments from Dubai's prominent business figures.

Despite being 22.34% completed, the Pentominium remains an enticing property investment due to its prime location in Dubai Marina, one of the city's preferred residential and rental areas. The average apartment price in Dubai Marina is approximately Dh2.85 million, up from the pre-pandemic average of Dh1.85 million, with luxury options reaching up to Dh20 million.

With the strong interest and fierce bidding activity, the auction indicates a clear opportunity for reviving and completing the project. Developer-investors with a presence in Dubai Marina have participated, and it is expected that the winning bidder will leverage this prime location to its full potential.

The Pentominium project, originally valued at approximately Dh2 billion, is at the 22.34% construction phase and is set to span 122 floors with a gross floor area of 1.25 million square feet. While the auction closed on August 4 with 46 interested bidders, there remains a chance for additional investors to participate by submitting bids 10% higher than the current offer.