Dubai’s Binghatti collaborates with prestigious French luxury car brand Bugatti to introduce the extraordinary Bugatti Residences, marking a groundbreaking venture in opulent living. This exceptional project unveiled recently, aims to redefine the standards of extravagance and sophistication, setting new benchmarks in the realm of luxury living.
However, the residences are aimed at luring “ultra-high-net-worth individuals,” Muhammed Binghatti, the visionary chief of Binghatti, said in an exclusive interview with Arabian Business.
Binghatti’s Bugatti Residences in Dubai will encompass 182 units across an impressive 42 floors, offering a luxurious selection of two-, three-, and four-bedroom penthouses. Inspired by renowned destinations like Cannes, St Tropez, and Monaco, each residence will exude elegance. Drawing inspiration from the French Riviera’s beach ripples and Dubai’s sand dunes, the exterior contours will captivate with their design.
The Bugatti Residences will comprise 171 Riviera Mansions and 11 Sky Mansion Penthouses, providing residents with lavish amenities. These include a Riviera-inspired beach, a private pool, a rejuvenating jacuzzi spa, a premium fitness club, an exquisite chef’s table, personalized valet services, a private members club, and state-of-the-art car lifts connecting the garage to the penthouse.
Despite paying homage to the French Riviera, these exceptional residences will be centrally located in Dubai’s vibrant districts of Downtown Dubai and Business Bay. Each meticulously crafted unit will offer residents an unparalleled experience, featuring an exclusive swimming pool and other amenities for moments of tranquility and relaxation.
Adding to the allure, Rimac announced that the Bugatti Residences will feature bespoke Bugatti furniture, showcasing the brand’s distinctive design elements such as the iconic “C-line” and the exquisite “horseshoe” motif.
Binghatti describes this ambitious project as a “megaproject,” emphasizing the scale and significance of this extraordinary endeavor, according to Arabian Business.
“We were so keen to do this partnership with Bugatti is because Bugatti has been dominating the automotive industry for over a century. And it’s been dominating it because of its consistent conceiving of the incomparable and I think that’s very synonymous with our vision as a developer,” Binghatti said.
Binghatti further explained that ever since the real estate developer’s inception, the ultimate goal has been to “defy the conventional.” He added that this new step played a key role in helping Bugatti “level up” to work with global brands such as Bugatti.
Bugatti’s reputation for producing some of the world’s most expensive cars, with prices ranging from $1.9M to $12M, has now transcended the automotive industry. The luxury brand is venturing into real estate, offering individuals the opportunity to immerse themselves in opulence on a daily basis.
Mate Rimac, the CEO of Bugatti Rimac, expressed immense enthusiasm for this remarkable partnership, considering it as an extraordinary and exceptional endeavor. Rimac emphasized that this collaboration represents a significant step forward in creating a realm of luxury that goes beyond conventional boundaries, embracing a refined lifestyle and elevating the customer experience to new heights.
Dubai, known for its grandeur and opulence, was a clear choice for Bugatti Rimac. As a joint venture between Bugatti and Rimac Automobili, this project marks their foray into real estate, and Rimac believes that Dubai’s location provides the ideal setting for its success.
“Bugatti is one of the strongest brands in the world – most recognizable despite producing a very limited number of products. And it’s not only about technical things like performance, speed, and so on, which is all very important. But in the end, it’s about the feeling, right? It is the feeling of, ‘I have the ultimate car, I have the best car in the world,’ and that is a feeling that you can convey not only in the car but also on a product. We have done that through different kind of products before, and now we want to do that through real estate,” he told Arabian Business.
He explained that choosing Dubai meant “having the best” and partnering with Binghatti meant a complete understanding of what Bugatti wanted to achieve.
“We want to have absolute perfection, which meant translating the feeling of a Bugatti in real estate project, but also the feeling of French luxury. And also, one thing we want to achieve, what’s very important for us, is the aspect of the French Riviera – that’s something very special – the coastline in the south of France,” he said.
Bugatti Residences by Binghatti is scheduled for completion within three to three and a half years, Binghatti said, however, he added it could be completed ahead of time given Binghatti’s “solid track record of beating their timelines.”
“Of course, you know, we will target to beat this timeline. But for now, the timeline is three to three and a half years,” he said.
Binghatti has specifically targeted ultra-high-net-worth individuals in the country as the intended buyers for the Bugatti Residences.
Over the past decade, Dubai has witnessed a remarkable 62 percent increase in high-net-worth individuals (HNWIs) from 2012 to 2022. Real estate agency Unique Properties predicts that this trend will propel Dubai’s real estate market toward achieving AED 300B in sales this year, setting it on a promising trajectory.
With more than 68,400 HNWIs currently residing in Dubai, the emirate has become an attractive destination for property buyers, leading to a surge in demand. Notably, Russians have surpassed Europeans as the largest group of property market buyers.
The growth in Dubai’s real estate market can be attributed to various factors, including the emirate’s effective handling of the pandemic, its advantageous geographic location, tax benefits, favorable policies, and other enticing advantages. As a result, a substantial 46 percent growth is forecasted for Dubai’s real estate market in 2023.
Binghatti has identified ultra-high-net-worth individuals in the country as the primary target audience for the Bugatti Residences.
Dubai has experienced a remarkable 62 percent surge in high-net-worth individuals (HNWIs) from 2012 to 2022. This upward trend is expected to propel Dubai’s real estate market towards achieving a substantial AED 300B in sales this year, as predicted by real estate agency Unique Properties.
With over 68,400 HNWIs currently residing in Dubai, there has been a notable increase in property buyers relocating to the emirate. Russians have emerged as the dominant buyers in the property market, surpassing Europeans.
This growth can be attributed to various factors, including Dubai’s effective management of the pandemic, its advantageous geographical location, tax incentives, favorable policies, and other enticing benefits. As a result, the real estate market in Dubai is projected to witness a significant 46 percent growth in 2023.
“We are targeting ultra-high-net-worth individuals from all across the world,” explained Binghatti.
“I think one thing that is exciting to us here to explore it is that, as Mate rightfully said, is to open up the Bugatti experience to a broader audience. And as time goes by, the wealthy segment across the world is continuing to grow.”
Binghatti also explained that this segment is looking for different products and different ways to stand out and provide something “unprecedented in the world of real estate.”
“Obviously, that will be one segment that we will be targeting, but also a broader audience from the real estate background. We are also targeting people who have never bought real estate before but would like to own this as a trophy asset, especially as it is a trophy asset,” Binghatti stressed, adding “It is not something that you buy to flip around or anything, it is something that you buy to own and be proud of, for eternity.”
