Lamcy Plaza, a once-popular shopping destination in Dubai’s Oud Metha area, has officially been sold at auction for Dh188.7 million ($51 million). The mall, which closed its doors after a fire in 2017, had been sitting vacant for years before this successful sale.

A Landmark of the Late 90s.

Opened in 1997, Lamcy Plaza quickly became a central hub for shopping and entertainment in Dubai. At its peak, the five-story mall was home to more than 150 stores, a cinema, and a hypermarket, making it a go-to spot for families and residents before the rise of the city’s larger malls.

Years of Closure and Failed Auctions.

The fire in 2017 forced the mall’s abrupt closure, with the cause of the blaze never publicly disclosed. While there were early hopes that the mall would reopen within months, it remained shuttered indefinitely. Over the years, multiple attempts to sell the property failed, with starting bids set as high as Dh210 million before this final auction secured a buyer.

Buyer Remains Unknown.

The new owner of Lamcy Plaza has not been disclosed. However, the successful sale highlights the strong demand for prime retail spaces in Dubai, driven by robust economic growth and surging tourism. Rents and occupancy rates across retail properties remain elevated, making the sector attractive to investors.

The Bigger Retail Picture?

Lamcy Plaza’s sale coincides with major investments in Dubai’s retail sector. Mall of the Emirates recently announced a Dh5 billion ($1.4 billion) transformation project to mark its 20th anniversary, which will add 20,000 square meters of retail space and 100 new stores.

A New Chapter Ahead!

For years, Lamcy Plaza stood as a dormant yet iconic property in a prime area of Dubai. With its sale finally concluded, residents and investors alike will be eager to see what comes next for this once-beloved mall.