Binghatti Holding Limited, a leading luxury real estate developer in the UAE headquartered in Dubai, announced the acquisition of a freehold plot of land with a total built-up area exceeding 8 mn sq ft and an estimated total development value of over AED 25 bn, Invest-Gate reports.
This land will be allocated for the construction of the company’s first large-scale integrated residential community in the UAE.
The strategic plot is located in Nad Al Sheba 1, in the heart of the upscale Meydan area, one of Dubai’s most prominent residential destinations. Binghatti plans to develop a unique project on this site that aims to offer an integrated living experience combining luxury and tranquility.
Meydan is a symbol of equestrianism in Dubai, having previously hosted the famous Nad Al Sheba Racecourse, the original venue for the Dubai World Cup. The project boasts a strategic location close to the city’s major roads and vital landmarks, providing easy access and enhancing its appeal as a residential destination that combines comfort and privacy.
Commenting on the project, Muhammad BinGhatti, Chairman of Binghatti Holding, said: “Our acquisition of this strategic plot, which will house the company’s first fully master-planned project, represents a pivotal milestone in Binghatti’s journey. This new project builds on the strong momentum the company has achieved thanks to its integrated business model, which has enabled it to complete and deliver high-quality real estate projects ahead of schedule. Our strong financial position also allowed us to finance the land acquisition from our internal resources, reflecting our unwavering commitment to developing a quality project that will establish a new concept of integrated living in Dubai.”
Binghatti is currently developing approximately 20,000 residential units across 30 projects in key areas of Dubai, including Downtown Dubai, Business Bay, Jumeirah Village Circle, Al Jaddaf, Dubai Science Park, and Dubai Production City.
The company has also strengthened its market leadership by collaborating with prestigious international brands such as Bugatti, Mercedes-Benz, and Jacob & Co. on various real estate projects.