Dubai real estate: Binghatti acquires massive Nad Al Sheba Land for $6.9bn master-planned residential community
Binghatti Holding Ltd has acquired freehold land spanning over 8 million square feet of gross floor area for its first large-scale master-planned residential community in Dubai.
The Dubai-based real estate developer, known for luxury-branded residences, expects the development to have a total value exceeding AED 25 billion.
The land sits in Nad Al Sheba 1 within Dubai's Meydan district. The area previously housed the Nad Al Sheba Racecourse, which served as the former venue for the Dubai World Cup. The location maintains connections to major roads and sits near Dubai's key landmarks.
Binghatti's first master community
The planned community will focus on delivering a refined and tranquil lifestyle whilst offering convenience and exclusivity to residents.
Muhammad BinGhatti, Chairman of Binghatti Holding Ltd., said: 'The acquisition of a mega plot for what is expected be our first master-planned development marks a pivotal moment in Binghatti's growth journey. The planned new mega project would build on the strong momentum of our vertically integrated model, which has consistently enabled us to deliver distinctive, high-quality properties ahead of schedule. Our solid financial foundation has allowed us to self-fund the acquisition of the land for what is expected to be a transformative project that will set a new benchmark for integrated living in Dubai.'
Binghatti currently develops around 20,000 units across approximately 30 projects in prime residential areas throughout Dubai.
These locations include Downtown, Business Bay, Jumeirah Village Circle, Al Jaddaf, Dubai Science Park, Dubai Production City and Sports City.
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