Dubai: Binghatti, Mercedes-Benz launch $1 billion branded residence tower

Dubai-based luxury developer Binghatti Properties on Wednesday launched a $1-billion new branded residence in Downtown, housing duplex and triplex apartments.

The uber-luxury project Mercedes-Benz Place l Binghatti, launched in partnership with German luxury carmaker Mercedes-Benz, will be built in one of the very few leftover plots in the most sought-after location Downtown Dubai.

Housing a total of 150 apartments, prices in the 65-storey tower start from Dh10 million. The project is set for completion in the fourth quarter of 2026.

It will house two, three and four-bedroom units and five-bedroom penthouses, along with duplex and triplex apartments.

The two-bedroom floors will get only four suites and there will be only three suites on the three-bedroom unit floor. And there will be only two five-bedroom penthouses on each floor.

Rising to 341 metres, the tower’s residents will be offered a range of restaurants, sports and wellness zones, lounges, non-automotive retail, exhibition spaces, and parking. Mercedes-Benz Places will include electric vehicle charging, smart mobility apps, ride-hailing, bike and scooter sharing, chauffeur services and automated valet parking. Each and every unit will come with its own private swimming pool.

The duplex will feature six bedrooms, a private gym, and an office among other amenities. Triplex will be based on three floors and it comes with a private gym cinema, spa and other amenities.

The developer has heavily integrated photovoltaic technology into the façade to generate electricity which will be used to charge electric vehicles in the building. “The façade will span 75,000 square feet to generate energy to charge 40 electric vehicles per day. This aggregates to 20,000km of carbon-free trips,” Muhammad Binghatti, CEO of Binghatti Properties, told Khaleej Times in an interview on Wednesday.

Mercedes-Benz Place l Binghatti is the latest branded residence by the private developer after Bugatti Residences by Binghatti and Burj Binghatti Jacob & Co.

Trophy assets

The Binghatti CEO said they haven’t priced triplex which are exclusive and off-market units. “However, we are receiving interest. We started the soft launch and already the sales team is closing units. I think we are going to be sold out soon,” he said.

Binghatti added that there are a large number of clients who are looking for trophy assets, and keep part of such assets as collection just like car collectors. “There are people who want to live and are end users. Then some people are looking for brilliant investment. When it comes to the automotive world, they might not surpass certain price tags, but when it comes to brick and mortar, there is a rationale behind the yield and capital gains and all that potential such products offer. Then it becomes very lucrative for the investors to buy such a product,” he added.

Britta Seeger, member of the board of management of Mercedes-Benz Group AG for marketing and sales, said Dubai is an ideal place to do a branded residences project.

• Business