Dubai's Binghatti sells two residential projects for $54m

Agreement with Izdihar Real Estate Fund comprises the acquisition of Binghatti Vista and Binghatti Sapphires
Dubai's Binghatti sells two residential projects for $54m
Muhammad BinGhatti, CEO and head of architecture at Binghatti Holding.
By Sam Bridge
Sat 13 Oct 2018 10:46 AM

Dubai-based Binghatti Developers has signed its first sales agreement with Izdihar Real Estate Fund, managed by Bank Muscat, worth AED200 million ($54 million).

The agreement comprises the acquisition of Binghatti Vista and Binghatti Sapphires, two residential properties in Dubai Silicon Oasis, the developer said in a statement.

Binghatti Vista was completed last month and comprises 118 residential units including 72 studios, 18 one-bedroom, and 27 two-bedroom apartments, in addition to one three-bedroom apartment. The property also offers a swimming pool, health club, children’s play area, a multi-purpose hall, rooftop public area, three floors of covered parking.

The second property acquired by Izdihar Real Estate Fund is Binghatti Sapphires, which includes 60 studios, 29 one-bedroom, 39 two-bedroom apartments in addition to a three-bedroom apartment. It also features a swimming pool, health club, multipurpose hall, rooftop public area, covered parking, and a children’s play area.

Muhammad BinGhatti, CEO and head of architecture at Binghatti Holding, said: “We’ve witnessed a lot of interest in our buildings from institutional investors looking for sustainable and long-term rental returns, and today’s milestone is the best testament to that."

Izdihar is the first real estate investment trust (REIT) established in Oman and has invested about $140 million so far, with $250 million additional investments planned.

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