The company behind the project is Binghatti Developers. The project covers an area of about one million square feet and features a 35-storey residential tower.
Binghatti Developers has started the construction of the second phase of the Binghatti Avenue project in Dubai Healthcare City, Al Jaddaf area with $163 million total investment.
The project extends over an area of about one million square feet and the residential tower has 35 floors. It consists of 665 residential units with 454 one-bedroom apartments, 110 two-bedroom apartments and 86 three-bedroom apartments. In addition to that there are 28 three-bedroom townhouses. Among the facilities there are a gymnasium, a swimming pool, a children’s pool, a children’s play area, a retail store, a large reception lobby, a bicycle parking, 7 floors of covered car parking and a panoramic elevator.
According to Binghatti Developers' CEO Muhammad Binghatti, the company's latest real estate project 'reflects the great confidence in the future of real estate investment in the emirate of Dubai, especially after maintaining the buying momentum, despite the Covid-19 crisis'. Dubai's property market remains attractive to local and international investors and is a safe haven for them despite the effects of the pandemic. The Land Department reports show that 10,728 new investors have entered the market in the recent time.
The property market has become more mature after a healthy correction and now supports both the investor and the end-user. Now is a very suitable time for home purchase in Dubai as the prices have become reasonable and even the real estate brokers reduced commission rates to adapt to new market conditions.
The increase in domestic demand is also connected with the reluctance of many people to travel abroad because of the pandemic. As a result, the flow of local liquidity has increased and the saving rates rose, which encouraged the re-injection of this liquidity into the real estate sector.
The Binghatti Avenue is constructed in line with the trends of the state-of-the-art design and architecture, as well as the eye-catching surrounding landscapes. The Al-Jaddaf area was chosen due to its privileged location as it is surrounded by Dubai Creek and the Zabeel community. The area has a modern, continuously developing infrastructure.