Binghatti Holding Ltd., a luxury real estate developer located in Dubai, declared that it had purchased freehold land with a gross floor area of more than 8 million square feet, with an estimated total development value of more than AED25 billion ($6.8 billion). According to a statement, the site will be utilized for the company’s first extensive master-planned residential development in the Emirate.
The site has been set aside for a ground-breaking development that would provide a sophisticated and peaceful living. It is situated in Nad Al Sheba 1, in the center of Dubai’s coveted Meydan region. The old Nad Al Sheba Racecourse, the site of the renowned Dubai World Cup, is located in the region, which has long been linked to equestrian expertise. The planned neighborhood will provide convenience and exclusivity with easy access to major roads and close proximity to Dubai’s most important attractions.
Strong development pipeline
Commenting on the announcement, Muhammad BinGhatti, chairman of Binghatti Holding Ltd., said: “The acquisition of a mega plot for what is expected be our first master-planned development marks a pivotal moment in Binghatti’s growth journey. The planned new mega project would build on the strong momentum of our vertically integrated model, which has consistently enabled us to deliver distinctive, high-quality properties ahead of schedule. Our solid financial foundation has allowed us to self-fund the acquisition of the land for what is expected to be a transformative project that will set a new benchmark for integrated living in Dubai.”
Approximately 20,000 apartments are presently being developed in 30 projects in Binghatti, which is located in prestigious residential neighborhoods of Dubai, such as Downtown, Business Bay, Jumeirah Village Circle, Al Jaddaf, Dubai Science Park, Dubai Production City, and Sports City. Superstars like football player Neymar Junior and opera singer Andrea Bocelli have been drawn to Binghatti’s flagship houses, which are branded homes constructed in partnership with Bugatti, Mercedes-Benz, and Jacob & Co.
