Binghatti is the latest in a growing list of developers to undertake affordable residential projects in the emirate. Previously, Dubai-based Nshama rolled out its Town Square project, located near Arabian Ranches.
These projects are set to add approximately 22,000 residential units to Dubai’s real estate market before the end of 2015, in addition to approximately 730 units that were already delivered during the first quarter of the year, according to Jones Lang LaSalle consultants. JLL also forecasted a slight drop in Dubai property prices.
“We found that there has been an excess of supply in luxurious residential developments and a lack of supply in terms of affordable property for the mid-range. Personally, I think Dubai Silicon Oasis epitomises this segment and it begs for exploitation. The demand is there, the supply isn’t,” Muhammad Binghatti Aljbori, CEO of Binghatti Developers and chief architect of Binghatti Apartments, told AMEinfo on the sidelines of the launch event.
“I think all areas of Dubai are now in good shape and worth exploiting… Dubai Silicon Oasis is one of the best at the moment,” he added. “It’s a very strategically located area with more than 160,000 people working and living in the area, according to DSO authority, so it’s a bustling suburban community.”
Aljbori’s statements resonated with those of many analysts and experts, who cited lower oil prices and a lower influx of Russian and other wealthy tourists – among other things – as the main explanations for the market shift. This also falls in line with an announcement made by Dubai’s municipality late last year, which called for curbing what was referred to as an “uncontrolled” expansion of high-end property at the expense of developments offered to lower price segments.
Binghatti Apartments was announced last November and is scheduled for completion in November 2015. “We’re very fast as a developer; usually, from purchasing the plot to completing the development, it does not take more than 11 months, including the design,” Aljbori said, stating that the development company is focused on filling the affordable property gap in the market.
The project will cost approximately AED170 million, which will be provided internally from within the family-owned Binghatti Holding Group, the mother company of Binghatti Developers. It will include 222 apartments, ranging from studios to three-bedroom flats, which are also available in duplex layouts, in addition to retail units located on the ground floor of the building. Residents of the apartment building would also be able to enjoy several lifestyle facilities located on the roof. These include a modern health club with a personal trainer, a swimming pool with a Jacuzzi, a barbecue area, a running track and a children’s play area.
Other Binghatti development projects include Binghatti Residences and Binghatti House at Silicon Oasis and Binghatti House in Sharjah. The company has also partnered with Tebyan Real Estate on the Swarovski-themed Sparkle Towers in Dubai Marina.
(This article is written by Hind Mustafa, Dubai)