Binghatti buys mega plot for $6.8bn residential community project
Binghatti Holding, a leading UAE-based real estate developer behind iconic luxury branded residences, has announced that it has acquired freehold plot of land in the heart of Dubai's sought-after Meydan district to develop a residential community valued at more than AED 25 billion ($6.8 billion).
The land spans more than 8 million square feet of gross floor area and marks 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, said Binghatti Holding in a statement.
With seamless connectivity to major roads and proximity to Dubai's key landmarks, the planned community will offer both convenience and exclusivity, it added.
On the strategic move, Chairman Muhammad BinGhatti said: "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."
"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," he stated.
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.
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