UAE developer Binghatti has just recorded a milestone in the luxury real estate market in the region, with the sale of the highest-priced penthouse in the Middle East, valued at AED550 million ($150 million) by an iconic development situated in Business Bay.
In a statement, the Dubai group reported that covering an unprecedented 47,200 sq ft, this ultra-luxurious residence is a testament to the unmatched requirements of Bugatti Residences by Binghatti, the world’s first Bugatti-branded residential development.
It reported that the historic Binghatti deal was closed by the Chief Sales Officer of Binghatti Abdullah Binghatti, which has set the record in the Dubai real estate market, with the highest price per square foot of real estate ever reported in Business Bay, at AED11,650 per sq ft.
Speaking about the success, Chairman Muhammad Binghatti said that “Year to date, we have achieved the number-one position in Dubai’s real estate market, with more than 14,000 units sold, surpassing both public and private peers.”
He added, “As Dubai’s fastest-growing real estate player, Binghatti has now risen into the top three developers in the city, commanding a significant share of the market according to the latest Dubai Land Department figures. These results reflect the strength of our strategy and the trust our clients place in our vision.”
The project has become home to many global stars, such as football superstar Neymar Jr., Italian tenor Andrea Bocelli, and international footballer Aymeric Laporte, among those who have purchased residences within the project.
Bugatti Residences is made to suit the most upscale high-net-worth individuals of the world, combining the sophistication of the French art de vivre with the vibrancy of the Dubai metropolitan.
Being in the midst of Business Bay, the development has unmatched access to the major attractions and business centers within the city, and thus is a favored choice by the world elites in the pursuit of prestige, safety, and high living standards.
Its ultra-luxury homes, signature Sky Mansion penthouses, and the world-first features such as outstanding privacy and customized amenities still serve to characterize the highest level of luxury property in the Dubai market.
TradeArabia News Service reported that this recording sale further confirms Dubai as a global luxury real estate capital and the continued efforts of Binghatti to provide architectural icons that are innovative and exclusive.
