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Binghatti Developers has made its presence felt in Dubai's real estate landscape with some 15 projects launched in the past year. Its modern, creatively designed buildings stand out with a distinct orange motif. Muhammad Binghatti, CEO and Head of Architecture, is the man behind the timeless and functional designs. Binghatti will be one of the panellists discussing architectural trends at Cityscape Global.
Property Weekly caught up with Binghatti to get the latest score on the company's projects.
- You participated in the Dubai Property Show in London in May. What developments did you promote at the event and what was the response?
The Dubai Property Show in London attracted a very niche audience of investors interested in maximising their returns by investing in Dubai real estate. This was the second annual show and many visitors from last year's event were back this year.
Binghatti Views was the main focus of the event. Most of the buyers were investors looking for strong rental returns. We also had a family who purchased an apartment for their son who will be starting his first year in university at Dubai Academic City, located less than five minutes from our project in Dubai Silicon Oasis (DSO).
- How would you assess the impact of Brexit on UAE real estate?
Although UK investors are one of the largest groups investing in Dubai, we have yet to see any significant impact in the Dubai property market since the Brexit vote. This is likely due to the uncertainty related to the issue. It's a long political process that will take years to finalise and experts have a wide spectrum of opinions on how much of an impact it will have on global markets in the long term. If anything, it may actually increase property investments in Dubai due to uncertainty in the UK.
- In March you said that Binghatti Views only had 25 apartments left. Is it sold out now?
Binghatti Views does still have units available for sale. Many of the remaining units have been reserved. Anyone interested is welcome to visit the show apartment on-site to get an idea what we're offering and what is available.
- Any news on your Burj Al Amwaj project in Sharjah?
Burj Al Amwaj is still in the concept design stage. We're conducting some preliminary studies of the location and design that will take some time to complete.
- What are you up to at Cityscape Global?
One of our completed projects, Binghatti Apartments, is actually a finalist—one of three worldwide — in the Built Residential High-Rise category of Cityscape Awards. We're the only finalist representing Dubai and the UAE so we are hoping to bring the award home to honour all the iconic architecture and amazing buildings here. We're hoping for the best and look forward to the awards ceremony.
Emirates NBD Asset Management is present on our stand this year to showcase its latest acquisition: Binghatti Terraces.
- You said you were going to invest about Dh2 billion in the next two years. Have you updated your investment plans?
We are heavily invested and committed to Dubai and the UAE property market. We have a dynamic growth plan for the next five years and are working very hard to achieve and exceed our targets.
- You have mentioned development plans in DSO, Dubai Residence Complex, Liwan, Jumeirah Village Circle (JVC) and Business Bay. Can you update us on any of these?
We've acquired a number of plots in the city and are in discussion for additional ones in Business Bay and Dubai Marina. Our architecture team is working hard to design the new projects. We recently received planning permission for one of our plots in JVC. In addition, our joint venture in Marina, Swarovski Sparkle Towers, is estimated to be completed in the first quarter of next year.
- You've said the market will pick up in the first quarter...
Based on recent activity, I think the property market will begin to see an upturn in the first quarter of 2017. The low number of projects launched this year indicates developers are gearing up for market activity in 2017.
Check out the smooth flows of the Canal
Source: Nicole Walter, Special to Property Weekly