Dubai: Bring up the subject of any real estate market’s ups and downs, and Mohammed Binghatti won’t be moved by the idea. even when he is prepared to start work on the project to construct the tallest single-residential tower in the world.
In fact, when it comes to designing/constructing a new Dubai tower in collaboration with the upscale watch and jewelry manufacturer Jacob & Co., he won’t permit himself to be distracted by any noise. Forecasts indicate that the project’s development will probably take 3.5 to 4 years.
Binghatti declared, “We are not concerned about a market cycle. Luxury residences are extremely in demand in Dubai, and we think this desire will persist since it is a result of the government’s clear, sensible planning and legislative measures to boost the economy. Golden Visas, long-term visas for real estate investors, and many other sorts have been introduced, for example, to make it easier for people from all over the world to view the UAE as their own personal and professional hub.
Furthermore, wealth movement trends have revealed a strong interest in the UAE from all over the world, mostly because of the country’s strong safety and security as well as the economy’s stability and growth potential. Enough to support the construction of the Binghatti Jacob & Co Residences in a city that is home to a number of structures that hold world records.
He is accurate in all of these things. There has been a steady influx of foreign investors into Dubai and the United Arab Emirates, and many people now think that more deals could have been completed if the market had more available ready residences. preferably the high-end variety. Binghatti would not provide much information regarding the expected final height for the tower in Business Bay or what the development costs may be.
“The height final decision is expected in between 1-3 months,” he stated. This parcel has been kept in our land bank for over a year. “We have observed a definite rise in demand for ultra-luxury developments in Dubai’s market. In addition, internal research conducted by Binghatti’s research and development team indicated that many of our consumers were actually interested in seeing such a product offering from us.
This change is also a part of our long-term plan to strengthen our market position as a significant developer that serves all real estate market segments. The tower, which has more than 100 floors and opulent residential units with sizes ranging from two to three bedrooms, is regarded as an architectural landmark.
- The residential apartments come in two “collections”: Sapphire, which consists of two-bedroom residences, and Emerald Suites, which are all three-bedroom residences.
- Five upscale penthouse units, which are described as “floating on top of the world” and providing open views of the city skyline, are located in the upper section of the Benghati Jacob & Co Residences tower.
Publish Date: November 18, 2022
Source: https://gulfnews.com/business/property/dubais-binghatti-to-take-final-decision-on-worlds-tallest-residential-tower-in-1-3-months-1.1668756049939
