Dubai real estate developer Binghatti, specializing in branded residences, acquires a $99 million plot in Business Bay.
After acquiring a Business Bay plot for AED365m ($99m), Binghatti Properties has broadened its land portfolio. The strategically located plot in Business Bay is only a short distance from The Dubai Mall, Burj Khalifa, and the Dubai Water Canal. The company’s ongoing project development initiatives throughout Dubai have played a role in boosting its stock value, currently assessed at over AED20bn ($5.4bn).
Binghatti Properties in Dubai
The city boasts several flagship Binghatti projects, including:
- Bugatti Residences by Binghatti in partnership with the worldclass automotive brand Bugatti
- Burj Binghatti Jacob & Co Residences, a branded tower in partnership with watch and jewellery brand Jacob & Co, which is aimed to be the tallest residential tower in the world
- Mercedes-Benz Places by Binghatti in Downtown, Dubai
In alignment with Binghatti’s strategic vision to broaden its project portfolio in the thriving Business Bay district, the property development brand has successfully acquired a new plot at a transaction value exceeding AED365 million ($99 million). The acquisition is earmarked for the construction of a distinctive signature tower, boasting the same intricate design language and attention to detail that characterizes Binghatti’s renowned buildings.
Muhammad Binghatti, the CEO of Binghatti Holding, expressed enthusiasm about the significant transaction, citing it as an opportune moment to design and develop a new luxury property for clients and investors. He emphasized the transaction’s dual impact, anticipating a notable increase in the land plot’s value by AED365 million, while concurrently expanding Binghatti’s portfolio of plots slated for development and launch in 2024.
BinGhatti underscored the brand’s commitment to precision in project design, stating that the company has consistently aimed to approach its ventures with the utmost intricacy and attention to detail. This meticulous approach, he believes, sets the foundation for an elevated living experience across all of Binghatti’s projects. As the development unfolds, the new signature tower is poised to contribute significantly to Binghatti’s growing presence in the dynamic real estate landscape of Business Bay.
