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The company has acquired a sizeable land plot for its $6.8bn residential community Binghatti Holding has acquired a freehold plot of land in the heart of Dubai’s Meydan district to develop a residential community valued at more than US $6.8bn. The land spans more than eight million sqft of gross floor area and is the company’s first master-planned community project. Located in Nad Al Sheba 1, the land has been set aside for a groundbreaking development designed to deliver a refined and tranquil lifestyle. The area has been long associated with equestrian excellence and home to the original Nad Al Sheba Racecourse, the former venue of the iconic Dubai World Cup. With seamless connectivity to major roads and proximity to Dubai’s key landmarks, the planned community will offer both convenience and exclusivity, said Binghatti Holding in a statement. “The acquisition of a mega plot for what is expected to 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,” commented Chairman Muhammad BinGhatti. He added, “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.” Binghatti currently has around 20,000 units under development across about 30 projects in prime residential areas across Dubai, including Downtown, Business Bay, Jumeirah Village Circle, Al Jaddaf, Dubai Science Park, Dubai Production City and Sports City. Binghatti’s flagship properties are branded residences built in collaboration with Bugatti, Mercedes-Benz, and Jacob & Co. and have attracted celebrity clients including football star Neymar Junior and the opera star Andrea Bocelli, the statement concluded. |
