Binghatti Properties is embarking on an expansion that will almost double the size of its portfolio within the next 18 months to AED 100bn, compared to the current AED 40bn.
This comes after Binghatti Properties had recently displayed strong performance in the market in the first half of the year.
The company has recently partnered with global brands including automotive legends Bugatti and Mercedes-Benz.
This is in tandem with the developer receiving cashflows from projects that will be handed over during the next three months, with a value exceeding $1bn (AED 3.67bn).
Binghatti stated that Dubai is deemed one of the most significant real estate investment destinations all over the world, and its booming market is characterised by continuous growth.
“Dubai’s properties continue to appeal to end-users and investors as the average price per sq ft is about $ 52 only, despite the latest hikes, which is equivalent to one third of its counterpart in London at the end of the last year, which sat at $868.
“Dubai’s average price per sq ft was also equivalent to less than half of its counterpart in Singapore sitting at $765, and slightly higher than half of the average price in Los Angeles at $663.”
Muhammad Binghatti, Chairman, Binghatti Properties
The company recently increased its activity in land expansion with plots purchased in strategic districts of Dubai including Palm Jumeirah, Business Bay and Al Jaddaf.
The land bank owned by Binghatti Properties is aimed at fulfilling the expected demand for approximately two and a half years, as they continuously seek to enlarge their land portfolio.
“It is not only about the attractive prices, Dubai also offers diverse exceptional services and facilities everywhere, like airports, hotels and restaurants.
“For example, the check in and airport control procedures are significantly smoother and uncomplicated. There is also consideration for social security and comfort through the availability of female taxi drivers dedicated to families and female passengers. These factors combined enhance the quality of living, invigorate the market, and positively impact real estate prices.”
Muhammad Binghatti, Chairman, Binghatti Properties
Regarding the plans of expansion outside Dubai, Binghatti opened an international office in Riyadh, establishing a presence in the KSA market.
“Our most important goal is to do our best as a company. In that capacity, we care about handing our projects over in time, and sometimes before their deadlines. We have been awarded by the government of Dubai’s Land Department, as the fastest real estate developer.
“We deliver on time while simultaneously focusing on quality and harnessing technology in the real estate sector. Our focus on quality is made possible through our vertically-integrated business model in which our steel, joinery, and aluminium factories service the manufacturing work across our projects, further ensuring that value is delivered to end-users and investors.”
Muhammad Binghatti, Chairman, Binghatti Properties
