Dubai just made an incredible announcement. They want to build the first hyper tower 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 blog, 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 hyper tower. 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 Burj Binghatti, a high-end property development company based in the United Arab Emirates.

     The second is Jacob and 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 and 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 $2 million. 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 BusinessBay, 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 and 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 billionaires Astronomia and fleur Desjardins. 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 and 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 and Co.Want the Burj Benghazi 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 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 the Central park tower, one of eight skyscrapers in New York City, which stand in a line known as billionaires 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 to 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 $250,000,000.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 Billionaires Row Were still unsold, with all eight skyscrapers struggling to COVID their initial costs. Maybe billionaires don't want to live in skyscrapers. Maybe they'd prefer to buy freestanding homes with grounds and gardens instead. The 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 and 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 and 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 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 and Co. Brand. That's what this project comes down to marketing and branding. Not just for the people at Jacob and Co. But also for the people of Dubai. The Burj binghatti would dominate the skyline, a sparkling symbol of the opulence of wealth, of achieving the seemingly impossible. Even the word hyper tower is part of this branding. It doesn't really mean anything. It's just another term for skyscrapers. 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 also buy a Jacob and 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 Benghazi? Is it a good idea to build this luxury tower? And would you pay $2 million to live there? Let us know in the comments below. If you want to learn more about another luxury skyscraper, one that ended in an incomplete disaster, you should watch our video about the world's most useless megaprojects. Thank you very much for watching, and we'll see you in the next video.