Binghatti Properties’ recent residential project, Mercedes-Benz Places, located in Downtown Dubai, experienced impressive sales, with half of the available properties sold within a day of its launch. This marked a strong demand in the vibrant UAE property market, as mentioned by the company’s CEO.
The 65-storey tower, Mercedes-Benz Places, represents the German auto giant’s inaugural venture into branded property. The development, announced in early December and launched at the Meydan Hotel on Wednesday, has garnered a “phenomenal” response since its announcement, with Muhammad BinGhatti confirming that 50% of the project has already been sold. The construction of the project, expected to commence this year, involves a unique design featuring 150 residences, including two- to four-bedroom units and five penthouses providing unobstructed views of the Burj Khalifa.
In contrast to many similar projects in the city, buyers of apartments in Mercedes-Benz Places will not receive a complimentary Mercedes car. Notably, the building’s southern facade incorporates cladding that offers sun shading and generates electricity for up to 40 electric vehicles daily.
Designed with an elliptical exterior inspired by the curvature of the latest Mercedes-Benz cars, the project is set to be delivered by the fourth quarter of 2026. Mercedes-Benz Places represents Binghatti Properties’ third branded project in Dubai, following the success of Bugatti Residences by Binghatti in Dubai’s Business Bay and Burj Binghatti Jacob & Co Residences. Both projects are performing well, having surpassed a billion dirhams in sales, and are gearing up for the launch of their respective second phases.
Dubai’s luxury property market achieved record levels in 2023, surpassing global rivals like London and New York. With twice as many $10 million-plus homes sold in Dubai compared to New York during the first nine months of the year, Binghatti Properties sees branded residences as an avenue to tap into a more international audience.
While Downtown Dubai is one of the last areas to be developed, Binghatti Properties has recently acquired a plot in the adjacent Business Bay for Dh370 million ($100.7 million). Although the upcoming development on this land will be luxurious, it remains undecided whether it will be branded or not.
Binghatti Properties, cautious in their collaborations, seeks ventures that add value to their portfolio. The developer foresees continuous growth in Dubai’s property market, albeit not as sharp as in previous years, with an estimated 10% to 15% increase over the next 12 to 18 months.
Publish January 26, 2024
Source: https://www.thenationalnews.com/business/property/2024/01/26/half-of-binghatti-properties-mercedes-benz-branded-project-sold-out-a-day-after-launch/
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