BinGhatti to invest Dh3B in Dubai realty

dubai — BinGhatti Holding is investing Dh3 billion in the real estate sector with 30 projects under various of stages of development.

According to Muhammad BinGhatti, CEO of BinGhatti Holding, the group will focus mainly on the residential segment. He said there is strong demand for mid to high-end properties in Dubai from both investors and end-users as they offer greater returns.

New project launches in Dubai continued unabated during the first half of 2017 with 68 new projects worth Dh21 billion launched during this period, as per data from the Dubai Land Department. These new launches are the latest addition to what is already a significant residential supply that is expected to hit the Dubai market over the next four years.

However, BinGhatti is optimistic about the outlook for the local property market in the coming months and Cityscape has added to his optimism because footfall was more than expected.

“We are launching BinGhatti Stars in Dubai Silicon Oasis at a cost of about Dh250 million which consists of 363 units, ranging from studio, 1 bedroom and 2 bedroom and prices starting from Dh395,000. We are showcasing a lot of projects which are almost sold out with just one or two units left,” he added.

“Our current focus is on the mid segment of the market. However, we started to look at the affordable luxury segment also. We have acquired a plot in Business Bay and will be launching a new project in a short while. Generally, we try to sell 3,000 units annually. Project-wise, we have delivered 17 projects so far this year in Silicon Oasis, Jumeirah Village Circle, Dubai Marina and other locations,” he noted.

The group, he said, sold about 30 units and about two floors of BinGhatti Stars in the first two days of Cityscape.

The group is also investing Dh500 million to set up a beverage manufacturing facility spread over 1 million sq ft.

— waheedabbas@khaleejtimes.com