Luxury apartments in Burj Binghatti skyscraper
Dubai just made an incredible announcement.
They want to build the first hypertower
In the world — a majestic column of luxury homes, including the highest apartment on the planet.
But there’s a problem. Luxury apartments are hard to sell, and there’s a chance this tower could end up abandoned and empty just like other massive skyscraper projects in the past. In this article, we’ll explore the ambitious plans behind the Burj Binghatti, and try to imagine what kind of person would possibly want to live there
When the initial plans for the Burj Binghatti were first unveiled, at the start of November 2022, it was described as the world’s first hypertower. This glittering new word gave the immediate impression of exclusivity — and that’s exactly what this project is all about. There are two companies behind it, both of which operate right at the top of the global luxury market. The first is Binghatti, a high-end property development company based in the UAE.
The second is Jacob & Co, who have no experience in property. Instead, they specialize in luxury jewelry, with some of their more extravagant pieces costing a million dollars or more. Their wristwatches are especially sought after, with uniquely detailed designs. These watches attract famous customers, including Elton John, 50 Cent, Cristiano Ronaldo, and. Mariah Carey. Jacob & Co want the Burj Binghatti to be the residential equivalent of their watches. A tower so luxurious, and so staggeringly pricey, that only the cream of high society could ever afford to live there. One of the standard apartments is likely to cost in the region of $2 million dollars.
The penthouse apartments, at the top of the tower, would cost considerably more: probably north of 200 million per property. But is it worth the money? The tower will be well positioned in Business Bay, the wealthiest district in the whole of Dubai, with easy access to the city’s largest wildlife sanctuary, plus the nearby. Burj Khalifa. Residents of the tower will also have access to a range of high class services: personal guards, luxury chauffeurs, and even private chefs. All the apartments will be designed by Jacob & Co, following the same set of aesthetic principles that define the style of their watches. The penthouse suites will even be named after some of their watches: Billionaire, Astronomia, and Fleurs de Jardin. These penthouses will be the height of luxury, with private aquariums, an infinity pool, and a personal gym. If all of this wasn’t enough already, the tower will also be topped by a bejeweled crown, a soaring lattice of sparkling gemstones which shine in the desert sunlight.
Just like the luxury apartments below, this crown will be designed by Jacob & Co, in a style that mimics the iconic forms of their globally famous jewelry. And still, there’s more. To emphasize the sense of exclusivity, Jacob & Co want the Burj Binghatti to break some records. First and foremost, they want it to be the tallest fully residential building in the entire world. If this threshold is reached, the apartments right at the top of the tower will be the highest homes on the planet. Not many people can claim to own a property more exclusive than that. But the question remains: would these apartments sell? As things stand, the record for the tallest residential building is held by Central Park. Tower, one of eight skyscrapers in New York City which stand in a line known as Billionaire’s.
Row. Central Park Tower soars to a height of almost 500 meters, significantly taller than the. Empire State Building, and second only, in the whole of America, to the One World Trade.
Center.
Central Park Tower was completed in 2021, at a final cost of more than $3 billion. The apartments were marketed at the rich and famous, with the average price of a home in the tower costing $22 million, even more than the apartments in the future Burj Binghatti. As for the penthouse — the current record holder for the highest home on earth — it was launched on the market in 2022 at a starting price of $250 million. But this penthouse is struggling to attract a buyer.
The same is true of the cheaper apartments. As of August 2021, almost half of all the luxury apartments in Billionaire’s Row were still unsold, with all eight skyscrapers struggling to cover their initial costs. Maybe billionaires don’t want to live in skyscrapers. Maybe they’d prefer to buy free-standing homes with grounds and gardens instead. This problem isn’t exclusive to New York City. Dubai is also home to a number of residential skyscrapers, and the tallest of these — Marina 101 — has been stuck in a state of incompletion since 2017. The original developer, Sheffield Holdings, ran out of capital after failing to sell as many apartments as originally planned. The Burj Binghatti could easily run into similar issues.
History paints a clear picture: luxury apartments in residential towers are extremely hard to sell. So why are Jacob & Co so keen to embark on such a clearly risky venture? Maybe they’re not. Announcing a project is not the same as going ahead with it, and the proposed tower might just be a stunt to generate hype and publicity. Alternatively: the risk is what excites them. The Jacob & Co brand has always been built upon pushing boundaries. Their company motto is “inspired by the impossible,” and this is what makes them attractive to customers. If the designs of their watches were safe and conservative, no one would want to buy them. Instead, their designs are daring and innovative, and that’s what makes them sell.
The same is true of the Burj Binghatti. If it was easy to build, it wouldn’t excite potential residents. The challenges make it more impressive, more marketable, and more in line with the Jacob & Co brand. That’s what this project comes down to: marketing and branding. Not just for the people at Jacob & Co, but also for the people of Dubai. The Burj Binghatti would dominate the skyline, a sparkling symbol of opulence, of wealth, of achieving the seemingly impossible. Even the word ‘hypertower’ is part of this branding. It doesn’t really mean anything — it’s just another term for skyscraper — but the word sounds exciting and is already generating hype.
Only time will tell whether the Burj Binghatti will ever be built. Only time will tell whether its luxury apartments will sell. But if people are willing to spend so much on the status symbol of a wristwatch, surely it isn’t out of the question that they’d also buy a Jacob & Co apartment. Some famous faces, like Jake Paul and Cristiano Ronaldo, might be the first in line for this chance to live among the clouds. What do you think about the Burj Binghatti? Is it a good idea to build this luxury tower, and would you pay $2 million to live there?