UAE-based Binghatti Properties announced on Tuesday that it has acquired a land plot in the Business Bay area for 365 million UAE dirhams ($99mln).

The area is home to some of Binghatti’s iconic flagship projects, including the Bugatti Residences by Binghatti in partnership with motoring brand Bugatti, and 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. 

Last month, the developer announced the launch of 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 AED 20 Billion.

Company CEO Muhammad BinGhatti said: “This transaction is deemed as the ideal opportunity to design and build a new luxury development for our clients and investors. 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.” 

(Writing by SA Kader; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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