The CEO of BinGhatti Holdings announced that the record-breaking price of AED 750 million (US$204.22 million) for owning a luxury mansion penthouse with the Bugatti brand, one of the world's most expensive cars, has been set.
In an interview with The Dubai Eye Business Breakfast this morning, Muhammad BinGhatti, CEO of BinGhatti, said the company had received interest from potential buyers from around the world, particularly Russia and China, saying the sleekly designed curved apartment building would feature only luxury residences.
The building is the first foray into branded real estate for Bugatti, which is selling the Bugatti Chiron in Dubai for around Dhs15 million.
BinGhatti is offering a payment plan so buyers can pay 20 per cent, or Dhs150 million, up front, followed by regular payments of 5 per cent, or Dhs37.5 million, up to 80 per cent, and then another 20 per cent on completion.
"We are creating something that cannot be matched in any way," BinGhatti said, quoting Bugatti founder Ettore Bugatti, who once said: "Nothing is too good, nothing is too expensive".
The flats, which range in size from 2,000 square feet to a maximum of 44,000 square feet, have made headlines around the world this week for the design features of the project's nine sky flats, which will enable residents to drive their cars into lifts that will take them to their homes at the highest point of the 46-storey building.
"Of course we've had a lot of enquiries and our phones have been ringing off the hook since our project went live," he said.
"Every unit is a mansion, so there are no flats. Even the entry-level unit is a mansion."
BinGhatti says he has received interest from "ultra-high net worth individuals from all over the world".
"A lot of clients are from Russia, a lot of clients are from China, and [we] have a lot of international demand for this product.
"It's not really a cost-driven exercise in a project like this - working with a world-class brand like Bugatti, we're really approaching this from a brand-oriented perspective," he says.
It's a brand, not a property developer - cost has always been a secondary, if not tertiary, topic," he says. When you do it right, when you build the right thing, it will always sell."
Sky City is set to break the record set by the Marsa Al Arab penthouse in Jumeirah, which was sold earlier this week to an undisclosed buyer for A$420 million.
