Binghatti Properties, a leading property development brand in the UAE, has expanded its land bank in Business Bay with the acquisition of a new plot valued at over AED 365 mn, Invest-Gate reports.

Business Bay, strategically located in Dubai’s bustling metropolis, is considered one of the most prestigious destinations in the city. It is in close proximity to The Dubai Mall and offers stunning views of the Burj Khalifa and the Dubai Water Canal.

Binghatti Properties has developed several iconic flagship projects in Business Bay, including Bugatti Residences in partnership with the renowned automotive brand Bugatti and Burj Binghatti Jacob & Co Residences, a branded tower in collaboration with luxury watch and jewelry brand Jacob & Co, which is set to be the world’s tallest residential tower. The recently announced Mercedes-Benz Places by Binghatti in Downtown Dubai is also part of their portfolio.

The expansion of Binghatti’s project developments across Dubai has contributed to the company’s stock value, which is currently estimated at over AED 20 bn.

Muhammad BinGhatti, the CEO of Binghatti Holding, expressed that this transaction presents an ideal opportunity to design and construct a new luxury development for their clients and investors. Not only will it increase the value of their land bank by AED 365 mn, but it will also expand Binghatti’s portfolio of plots that are slated for development and launch in 2024.