It could be positioned to set a US record for the price commanded on a development parcel.
The Malaysian conglomerate reportedly has five offers of $1 billion or more, with one approaching $1.5 billion. Last November, the company announced it’s looking to sell 16.5 acres of prime, undeveloped real estate along Biscayne Bay if it’s able to command $1 billion or more. Genting is expected to trim the field of bidders to three in the weeks ahead.
If we get what we hope to achieve, this could be the highest price paid for any development site in the country,” Michael Fay, the broker at Avison Young in Miami, which has the listing, said in an interview with Bloomberg.
The identities of the bidders weren’t revealed. With Florida’s commercial real estate market booming, it’s possible the aforementioned record is set. Potential uses for the land could include office space and pricey condos, among other ideas.
Big Profit Potential for Genting
As is the case with other real estate transactions in destination markets, Genting has the potential to wring a staggering profit from the sale of the Miami land.