Dubai-based luxury developer Binghatti Properties on Wednesday launched a $1-billion new branded residence in the city’s downtown, in partnership with German luxury carmaker Mercedes-Benz.
The 65-storey tower’s 150 apartments will start at $2.7 million and go up to $10 million apiece, it was reported.
According to Khaleej Times, the tower will have two, three and four-bedroom units as well as five-bedroom penthouses, along with duplex and triplex apartments. Each unit will reportedly come with its own private swimming pool.
2023: Pakistanis remain among top 10 buyers of Dubai property, Indians top list
The residence will also include a range of restaurants, sports and wellness zones, lounges and, exhibition spaces.
Mercedes-Benz Places will include electric vehicle charging, smart mobility apps, ride-hailing, bike and scooter sharing, chauffeur services and automated valet parking, the report said.
The duplex will feature six bedrooms, a private gym, and an office among other amenities while the triplex will come with a private gym cinema and spa.
“The façade will span 75,000 square feet to generate energy to charge 40 electric vehicles per day. This aggregates to 20,000km of carbon-free trips,” Muhammad Binghatti, CEO of Binghatti Properties, told Khaleej Times.
“There are people who want to live and are end users. Then some people are looking for brilliant investment. When it comes to the automotive world, they might not surpass certain price tags, but when it comes to brick and mortar, there is a rationale behind the yield and capital gains and all that potential such products offer. Then it becomes very lucrative for the investors to buy such a product,” he added.
Dubai’s property boom shows signs of fizzling out
According to Bloomberg, the new development offers unobstructed views of the world’s tallest tower, Burj Khalifa.
“The building is another high-stakes bet on Dubai’s property market that’s emerged as one of the world’s hottest over the past few years,” it said.
Earlier this year, Bighatti had partnered up with carmaker Bugatti on luxury Dubai penthouse priced at $204.22 million.
Comments