Industry Influencers & VisionariesCountriesDesign & ArchitectureGulf Property PanoramaInvestment IntelReal Estate NewsUnited Arab Emirates

Binghatti Properties acquires plots worth $272mln in Dubai

Story Highlights
  • Company officially launches Mercedes-Benz Places Binghatti, plans more branded residences projects

Binghatti Properties acquires plots worth $272mln in Dubai

UAE-based real estate developer Binghatti Properties, which announced its third luxury branded residences project with Mercedes-Benz Places Binghatti in Downtown Dubai, is planning to develop more iconic branded residences in the city.

“Over the past three months we already deployed more than 1 billion UAE dirhams ($272 million) in plot acquisitions across Dubai in different areas like Business Bay, Jumeirah Village Circle,” said CEO Muhammed BinGhatti on the sidelines of an event to launch Mercedes-Benz Places.

“We have a pipeline of AED10 billion ($2.7 billion) worth of additional projects to our existing investment portfolio which is AED20 billion ($5.5 billion). Thus, we intend over the next 12 months to increase our investment value in the real estate market to AED30 billion ($8.2 billion),” he told Zawya Projects.

Earlier this month, the company forked out AED365 million ($99 million) for a land plot in the Business Bay area, which is home to Bugatti Residences by Binghatti in partnership with motoring brand Bugatti, and Burj Binghatti Jacob & Co Residences in partnership with leading watch and jewellery brand Jacob & Co, which is slated to be the highest residential tower in the world.

The 65-storey Mercedes-Benz Places Binghatti, officially launched on Wednesday, will feature 150 luxury units comprising two, three and four-bedroom suites, four and five-bedroom penthouses, a duplex penthouse and a triplex penthouse, with all units named after classic and contemporary Mercedes-Benz cars.

“The penthouses are by invitation,” BinGhatti said, while confirming that construction work has begun, and the project is scheduled to be delivered by the fourth quarter of 2026.

He emphasised that the design of the new project is a collaborative endeavour between Binghatti’s design team and the automotive design team of Mercedes Benz.

“For us, it is really important that the lifestyle, the design, the philosophy behind any project whether branded or not is a unique experience,” he said.

BinGhatti also emphasised the sustainability credentials of the project and its alignment with the Dubai Integrated Energy Strategy 2030.

“We aspire to achieve LEED Gold certification to differentiate this project and go above and beyond the luxury narrative,” he said.

He also dislosed that the entire rear elevation will feature a Building Integrated Photovoltaic (BIPV) facade spanning an area of 75,000 square feet.

“It is desiged to generate energy to charge upto 40 electric vehicles per day, which translates to an aggegate of 20,000 km of carbon free trips,” he noted.   

A joint press statement quoted Eva Wiese, Head of Mercedes-Benz Customer Solutions as saying: “By launching Mercedes-Benz Places in Dubai, we are breaking new ground by seamlessly integrating the world of Mercedes-Benz into the living environments of our customers and prospects. Our collaboration with Binghatti Properties unites expertise and trust, pioneering a real-estate experience that embodies our shared passion for innovation.”

Gorden Wagener, Chief Design Officer, Mercedes-Benz Group added: “We have taken our unique design philosophy of Sensual Purity beyond automotive and shaped an iconic landmark. It looks very different, unique, and futuristic and it will be associated with the design, technology, and luxury appeal that are trademarks of every Mercedes-Benz.”

(Reporting by Bhaskar Raj; Editing by Anoop Menon)


Subscribe to our Projects’ PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.  

© ZAWYA 2024


Gulf Estate Gazette

Gulf Estate Gazette is a leading source for comprehensive insights into the dynamic real estate landscape of the GCC and MENA region. Our platform is dedicated to providing valuable information and perspectives for individuals, investors, and industry professionals. With a passionate team and an unwavering commitment to excellence, we aim to empower our audience with the knowledge and opportunities needed to thrive in the ever-evolving world of real estate in the Gulf and beyond.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button