Dubai’s largest developer Emaar Properties said it is inviting developers to bid for a commercial plot in Downtown Dubai, reported Emirates 24/7, adding that the bid is to at least AED 303 million.

Listed on the Dubai Financial Market (DFM), Emaar Properties has sold plots in Emirates Hills and Arabian Ranches through auctions in 2007 and 2008.

This bid is the first open invite for developers for 2014.

According to Emaar, the successful bidder for ‘Plot 8A’ can build a 30-storey high commercial tower, which will have a total gross floor area (GLA) of 505,904 sq. ft. and nearly 5% of total GFA for retail. “The minimum bid price is AED 600 per sq. ft. (psf),” Emaar added.

Only a handful of vacant plots are up for sales in Downtown Dubai, with prices in the secondary market ranging between AED 400 and AED 500 psf, real estate agents told Emirates 24/7.

It is worth noting that Downtown Dubai is home to Burj Khalifa, the world’s tallest tower, and Dubai Mall, one of the largest malls in the world.