Business & Money | Sunday 31 January, 2016 12:38 pm |

Binghatti Developers, specialized in developing affordable residential units, announced the completion of its AED 170 million iconic project Binghatti Apartments located in Dubai Silicon Oasis within a record period of 11 months.

 

Muhammad Binghatti Aljbori, CEO and Chief Architect of Binghatti Developers said on this occasion: “We in Binghatti Developers are proud to announce the completion of our flagship development, Binghatti Apartments, in Dubai Silicon Oasis in a record time of 11 months; we have commenced handing over residential units to buyers and end-users, fulfilling our promise that the project will be ready within less than one year from the start of construction work”.

 

Aljbori asserted that they “have reached a business model that suits all customer segments, including both real estate investors and end-users, as our speed in delivering work allows investors to realize investment returns in record time through leasing or selling. At the same time, our speedy delivery allows end users to relocate in their new residences within less than one year from the purchase date”.

 

Binghatti added: “Having studied the local real estate market in Dubai carefully and thoroughly, we concluded that demand is far ahead than supply, especially in the individual investment sector of the middle-income segment which secures the biggest stake in our communities. Therefore, we decided to focus on this sector and we are very optimistic”.

 

Binghatti Apartments building comprises 224 different units, varying in space and number of rooms, in unique layouts, including studios, one-bedroom, two-bedroom and three-bedroom apartments as well as spacious duplex layouts for the one and two  bedroom apartments.

 

The contemporary architecture of Binghatti Apartments seamlessly combines modern and functional touches of elegance that can be spotted in the iconic and trendy architecture to meet the demands of end-users. Each apartment has access to unmatched amenities such as a state-of-the-art health club, a swimming pool, a Jacuzzi, a running track, as well as a BBQ area and kids play area.

 

Amid interest from various nationalities, including Indian, UK, South African, UAE and Arab investors, Binghatti Developers has successfully sold out the entire project. Prices ranged from AED 700 to AED 1,050 per square foot, while apartment sizes ranged from 434 to 2,653 square feet.

 

Sharing his thoughts on the general scene of the local real estate sector in Dubai, Binghatti stated: “Dubai’s real estate market is undergoing a healthy and very positive correction stage to ensure high and sustainable growth rates on the long run. After Dubai won the bid to host Expo 2020, the market saw huge price leaps that, if continued, could have led to unfavorable results. We anticipate that the sector will be on growth curve in early 2017”.

 

Binghatti Developers announced upbeat plans to invest more than AED 1 billion in 10 new developments over the next two years in Dubai and Sharjah, bringing its total investments in the local real estate market to AED 1.5 billion, as the Company seeks to strike a balance between the key construction components of quality, price, timely delivery and location in order to build a solid basis for a successful future in Dubai’s real estate market.