New Dubai skyscraper awaits height decision
BINGHATTI AIMS TO DEVELOP PROJECT IN AROUND 4 YEARS
Bring up the subject of any property market’s ups and downs, but you will not see Mohammad Binghatti shaken as he takes on the project to build the world’s tallest only-residential tower.
Binghatti is creating a new Dubai skyscraper in alliance with luxury watch and jewellery maker Jacob & Co. As per forecasts, the project development will likely take between 3.5 to 4 years. “We have no concern of a market cycle,” said Binghatti. “Luxury properties are in extreme demand in Dubai and we believe this demand shall continue as it is a by-product of clear prudent planning and legislative policies by the government to stimulate the economy.
Wealth migration
“Moreover, wealth migration patterns have shown a sheer interest towards the UAE from all over the world, mainly due to the stability and growth potential of the UAE’s economy, coupled with the solid safety and security of the country.”
Enough to justify the Binghatti Jacob & Co Residences to come up in a city that has its fair share of world record holding structures.
Dubai and the UAE have seen a sustained inflow of new investors from outside, and these days there are many who believe more deals could have been done if only the market had some ready homes to spare. Preferably those of the luxury kind.
Binghatti will not say much about the likely end height for the tower located in Business Bay, or what the eventual cost of development might be.
“Final decision on the height is expected in between 1-3 months,” he said. “This plot has been in our land bank since almost a year.
Uber-luxury projects
“We have seen a clear increase in demand in Dubai’s market for uber-luxury projects. Coupled with internal research that suggested many of our customers are interested to see such a product offering.
“This shift has also been part of our long-term strategy to solidify our position in the market as a major developer that caters for all the segments in the real estate market.
“The tower is considered an architectural icon of more than 100 floors, consisting of luxurious residential units that vary in features and space and range from two- to three-bedrooms.”
The residential units feature two ‘collections’ — Sapphire, which consists of residential units with two bedrooms, and Emerald Suites, all of which are three bedrooms.
The upper part of the Benghati Jacob & Co Residences tower houses five exclusive penthouse units — ‘floating on top of the world’ — and offering open views of the city skyline.