Binghatti Developers Expanding with a vision and mission – Cityscape Kuwait 2015

binghattiEmanating from Binghatti Holding, Binghatti Developers is a property developer headed by CEO and Head of Architecture Muhammad Binghatti Aljbori. Headquartered in Dubai, the dynamic company offers iconic properties with groundbreaking architectural designs, timely delivery, and unrivaled lifestyle amenities. Empowered by experience since 1890, the brand seeks to redefine the norms of the industry by introducing world class materials and quality at reasonable prices while balancing the traditional elements found in Middle Eastern art and architecture with modern design and aesthetics.

Binghatti Developers recently shifted its focus from projects tailored for institutional investors to a holistic solution for end users. The company has developed a solid reputation built on a strong portfolio of completed projects and has produced a viable alternative to some of the larger market players. The company has completed multiple projects throughout Dubai, Sharjah, and Abu Dhabi.

Binghatti Developers’ modern vision emphasizes iconic buildings which blend form and function to deliver timeless elegance. Acting as a counterweight to the excess of developers focusing on the higher end of the residential market, Binghatti Developers concentrates on producing high quality, iconic, mid-segment properties with the intention of responding to the lack of supply currently available in the fast-growing and sustainable mid-segment market.

In Dubai’s ever-growing property market, Binghatti Developers distinguishes itself by pursuing and exploiting undervalued investment opportunities with extraordinary speed and innovation. Backed by a dynamic approach that mitigates bureaucracy, cost overruns and transactions costs, the company has developed a solid foundation for future developments within a short timeframe.

The company’s attention to detail ensures that only the highest standards are associated with any Binghatti Developers building. Each building features world class materials from distinguished international suppliers. Sanitary fixtures are from Grohe and Villeroy & Boch, Handcrafted marble imported from Italy drapes the walls and floors, high quality ceramics from RAK Ceramics is used throughout the buildings, Mitsubishi Lifts and ABB Switchgears are standard, as well as a Health Club by Technogym. The company focuses on providing these world class brands to distinguish itself from other developers in this niche of the market overlooking these details.

Whether it is the value-driven ideas brought to life, the unmatched attention to detail, or the commitment to exceptional quality, the company is a reflection of all the great things Dubai has to offer.

CEO Profile

As the CEO & Head of Architecture at Binghatti Developers, Eng. Muhammad Binghatti Aljbori has spearheaded the dynamic growth at the company with more than 12 projects launched in 2015 throughout the UAE.

Aljbori’s position as CEO & Head of Architecture stems from his education as an architect and his background in business, enabling him to balance the creativity required to produce iconic designs while retaining the pragmatism necessary to build and grow a successful business.

Raised in the UAE throughout its growth and expansion, Aljbori was intrigued by the idea of combining the traditional elements found in Middle Eastern art and architecture with modern design and aesthetics. Aljbori also takes pride in ensuring each development is built with the best materials and highest quality finishing while also remaining reasonably priced for middle class buyers.

Having successfully established a common ground between international and local trends through the expansion of Binghatti Developers, Aljbori has developed a solid reputation built on a strong portfolio of completed projects. Within a short timeframe, Aljbori has produced a viable alternative to some of the larger market players in the UAE.

Dynamic growth

Muhammed Binghatti Aljbori is young, suave and articulate and as the CEO and Head of Architecture at Binghatti Developers, he has led the company’s dynamic growth with more than 12 completed and upcoming projects.
Aljbori believes the recent government initiatives to curb speculation in the market have provided stability and maturity in the Dubai Real Estate Sector.

In this exclusive interview, Aljbori sheds some light on his mission and vision for Binghatti Developers’ future growth and expansion.

KT: Could you please tell us about Binghatti Developers?
Aljbori: Binghatti Developers emanated from Binghatti Holding as the real estate development branch of the Binghatti Holding group of companies. The company’s operations focus on Dubai, however we have rapidly expanded to other Emirates with upcoming projects in Abu Dhabi and Sharjah.

We began operations in 2014 and currently have a portfolio of more than 12 projects. We mainly focus on the mid segment of the market in areas like Dubai Silicon Oasis and Jumeirah Village Circle. However, we have ensured diversity in our projects with high-end luxury projects such as the Swarovski Sparkle Towers in Dubai Marina, a joint venture with Tebyan Real Estate Development, a project worth over AED 1 billion.

KT: What are the design elements that you have included in your projects that makes them unique?
Aljbori: As an architect, I believe the design of the building should reflect the designer’s soul. This is the reason I choose to personally design all Binghatti Developers buildings, as I firmly feel that every great brand should reflect the passion and vision of its founder. As a car enthusiast, I often refer to the leviathans of automobile history such as Enzo Ferrari and Ferruccio Lamborghini-their brands and products still carry the souls and passion of their founders today.
The design philosophy that I follow in most of my buildings is the concept of singularity vs collectivity. To me, a building is a place where individuals come together to live as one community. A community is made up of individual elements, and when you bring those elements together, you create an amalgamated, unified entity.
In Binghatti Apartments the individual element was cubes, but when it came to Binghatti Views, the cubes evolved to take a shape where they seem to be cut and positioned at different angles to provide a truly unique design.

KT: What can you tell us about the finish of Binghatti Views?
Aljbori: Whether it’s Binghatti Views, Binghatti Apartments, or any other Binghatti Developers project, we have ensured that only the highest standards are associated with our buildings. In all our projects, we feature world class materials from distinguished international suppliers. Some examples are our sanitary fixtures from Grohe and Villeroy & Boch, Handcrafted marble imported from Italy, high quality ceramics from RAK Ceramics, Mitsubishi Lifts, ABB Switchgears, and a Health Club by Technogym. We focus on providing these world class brands to distinguish ourselves from the developers in the market overlooking these details.

KT: Please tell us about the payment plans that are on offer?
Aljbori: Our payment plan for Binghatti Views consists of a down payment of 10% and a 5% payment every month until 50% of the purchase price is paid, the remaining 50% payment is due upon completion and handover of the building.

KT: Which income segment are you targeting?
Aljbori: We are focused on providing high quality homes for middle class families in the UAE, most of our buyers are taking home a salary in the bracket of AED15,000 to AED30,000. We offer the best quality in the mid segment and our strong reputation for timely delivery is crucial to end users and investors who want to avoid the delays that have plagued the Dubai Real Estate Sector in the past. Our projects are consistently yielding their investors more than 10 percent net returns making the decision for investors very simple.
The brands and materials that we use in our projects are rarely found in mid segment properties, and the designs of our buildings offer a unique home that people are proud to live in. Our aim in this segment is to offer people what they dream of in a home at a reasonable price. Instead of paying AED130,000 in rent every year with no investment return, a client can purchase and own their own home which can provide capital gains and a solid rental yield for investors. You can now pay a reasonable price and get a product that has hitherto not been offered in this niche.

KT: What were some of the earlier projects of Binghatti Developers?
Aljbori: Binghatti Residences has an interesting story behind it, the proposed design for it was very rich and classical, and when I came on board, I suggested a change in the design to something more fresh, chic, and modern. Within one week, I changed the design of the entire building to something completely different. The first week after completion witnessed an avalanche of enquiries from end users in the community, however we had already finalized an agreement with a Class A hotel operator for the full building.
When we realized that there was strong demand for our exclusively designed and innovative product, we decided to launch something for end users rather than just focusing on institutional investors, and that’s why we launched the Binghatti Apartments project. It was a great success for the company and we were blessed that it exceeded our expectations.
We conducted a survey regarding what attracted buyers to our project the most, and it showed that our design and architecture was the number one reason. The feedback that we received is what encouraged us to push forward with more projects.
At Binghatti Developers, we focus on giving our clients something to be proud of, we ensure that they live in a building that is truly iconic and representative of our brand.

KT: Please tell us about the current state of the real estate market and how it may affect the sales of Binghatti Views?
Aljbori: Anytime I hear concerns about the health of the Dubai Real Estate market, I smile, because I see it as the perfect time to buy. Today it is undeniable that Dubai is a mature Real Estate market, any mature market should experience corrections. These corrections occur to prevent a repeat of the 2008 downturn. Furthermore, the leadership of the UAE Government has ensured that the country remains a stable and secure safe haven for investors throughout the MENA region.
Under the prudent vision of H.H. Sheikh Mohammed Bin Rashid Al Maktoum, the Dubai government has wisely introduced new regulations through the Real Estate Regulatory Authority. We support the government’s initiatives to stabilize the market from any volatility and we feel that it is best for the long term sustainability of the Dubai and UAE Real Estate Market.

KT: What are the future plans for Binghatti Developers?
Aljbori: Our strategy is very clear; expansion, expansion, and more expansion. We are aiming for 300 percent growth over the next 2 years. We’re planning our growth in other Real Estate sectors including commercial buildings and the hospitality and industrial sector. Binghatti has just recently broken ground on a manufacturing facility in Khalifa Industrial Zone Abu Dhabi covering nearly half a million square feet.

KT: Do you have any new projects in the pipeline?
Aljbori: We are planning to launch a signature Binghatti project in a prime location of Dubai Silicon Oasis within the next couple of months. The modern architectural concept is inspired by the rich heritage and culture of the UAE.

Back to top button