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Binghatti Developers revealed plans to invest Dh1 billion in various residential real estate projects in Dubai in the next two years. Muhammad Binghatti Aljbori, CEO and Chief of Architecture at Binghatti Developers, tells PW the new projects will grow Binghatti’s property portfolio by more than 600 per cent by 2017.
The developer recently launched Binghatti Apartments, a residential project in Dubai Silicon Oasis (DSO) that aims to cater to the middle- income segment. The
project is also Binghatti’s first major residential project directly targeting end users, offering 222 apartments with sizes ranging from 434-2,653 sq ft. Aljbori said the project will feature high-quality materials and finishing, but will be offered at reasonable rates, with prices starting from Dh425,000 and not exceeding Dh1.5 million.
Binghatti earlier completed two projects, which were tailored for institutional investors. “We have delivered a number of residences that were sold in bulk to institutional investors only and now we decided to offer affordable apartments for individuals,” said Aljbori.
While acknowledging that other developers are now launching new projects, including a few that are turning their attention to affordable housing schemes, Aljbori maintained that Binghatti’s projects are built in line with demand. “We have done our research and found that the demand for affordable property is far outpacing available supply. There is a lack of mid-range property in the region, so we have directed our focus to this part of the market,” he said.
Binghatti Apartments features a unique architectural design resembling a jigsaw puzzle, which will make it stand out among other properties in DSO.
“The architecture and design we are offering is groundbreaking compared to any other building in Dubai. We are offering something new, exotic and special at very reasonable rates,” he said. “The architecture amalgamates two inspirations: cubism along with traditional Islamic architecture elements. The interior takes direct inspiration from Islamic architecture, but has a modern touch. The lobby or atrium spaces are built with geometrical designs from traditional architecture.”
The new development will also offer facilities for retail units on the ground floor of the buildings.
During the property’s pre-launch on April 15, Binghatti reported that 30 per cent of the project was sold ahead of the official sales launch on May 2 at the Emirates Towers. After that the company has sold more than 50 per cent.
Binghatti Apartments is now 60 per cent complete and is expected to be turned over in November.
Source: Hina Navin, Special to PW