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Binghatti acquires AED365mn land plot in Business Bay

The developer will develop and launch a project on the land in 2024

Leading UAE property developer Binghatti Properties has increased its land bank in Business Bay with the purchase of a new plot exceeding a transaction value of $99.3 million (AED365 million).  

In a statement, the developer said it intends to develop and launch a project on the land in addition to the portfolio of projects in 2024. The project will feature the same intricate design language and details that Binghatti’s buildings are renowned for.

Situated in the heart of Dubai, Business Bay is regarded as one of the most prestigious destinations in Dubai. Located minutes from Dubai’s famous shopping destination – The Dubai Mall – and with breathtaking views of the Burj Khalifa and the Dubai Water Canal, the destination is also home to some of Binghatti’s most iconic flagship projects, including the Bugatti Residences by Binghatti in partnership with the worldclass automotive brand Bugatti.

Also located in Business Bay is Binghatt’s Burj Binghatti Jacob & Co Residences, a branded tower in partnership with leading watch and jewellery brand Jacob & Co, which is aimed to be the tallest residential tower in the world.

In addition to Binghatti’s portfolio of branded projects is the newly announced Mercedes-Benz Places by Binghatti in Downtown Dubai.

Binghatti’s expansion of its project development across Dubai has contributed to the company’s stock value, which has recently been captured at a value of over $5.4 billion (AED20 billion).

“This transaction is deemed as the ideal opportunity to design and build a new luxury development for our clients and investors,” Muhammad Binghatti, CEO of Binghatti Holding. “It will also not only inflate our land plot value by AED365 million, but also expand Binghatti’s portfolio of plots which we intend to develop and launch in 2024.

“At Binghatti, we have always strived towards designing our projects with the most intricate and detailed approach, which enables us to create an elevated experience of living across all our projects.”