Dubai's Binghatti to develop $7bln master community in Meydan district
Dubai developer Binghatti Holding has acquired freehold land to build its first master-planned residential community in Nad Al Sheba 1 in the Meydan district.
The master community will have more than 8 million square feet of gross floor area, with an anticipated total development value exceeding 25 billion UAE dirhams ($6.81 billion), the developer stated in a statement on Wednesday.
'The planned new mega project will be built on the strong momentum of our vertically integrated model,' said Binghatti Holding Chairman Muhammad BinGhatti.
The land acquisition was self-financed, he said, without giving details on the land cost.
Binghatti currently has 20,000 units under development across nearly 30 projects in residential areas, including Downtown Dubai, Business Bay, Jumeirah Village Circle, Al Jaddaf, Dubai Science Park, Dubai Production City and Sports City.
The developer's flagship properties are branded residences built in collaboration with Bugatti, Mercedes-Benz, and Jacob & Co., the statement said.
(Writing by P Deol; Editing by Anoop Menon)
(anoop.menon@lseg.com)
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