Mercedes-Branded $1 Billion Tower Is Dubai’s Latest Bet on the Super Rich
- Dubai has been among the world’s hottest property markets
- Binghatti expects prices to rise as much as 18% this year
A digital rendering of the Mercedes-Benz Places.
Source: BinghattiThis article is for subscribers only.
Mercedes-Benz Group AG insignia flashed on screens as thousands of guests thronged a hotel best known for hosting Dubai’s biggest horse-race. The glitzy event marked the unveiling of the city’s latest luxury tower, where some apartments will cost up to $10 million apiece.
The $1 billion development with unobstructed views of the world’s tallest tower, Burj Khalifa, is being built by Binghatti Properties in a first of its kind tie-up with the German automaker. Featuring 150 apartments starting at $2.7 million, the building is another high-stakes bet on Dubai’s property market that’s emerged as one of the world’s hottest over the past few years.