Structural work on $30m Binghatti Sapphires in Dubai done

Binghatti Sapphires is a 128-unit residential building in Dubai's smart city development, Silicon Oasis

Binghatti Sapphires is valued at $30m.
Binghatti Sapphires is valued at $30m.

Progress on the 128-unit Binghatti Sapphires is picking up, with structural work done and interior finishing under way.

Binghatti Developers said finishing, façade, and installation works were on track, with the building, located in the emirate's master planned smart city development, Silicon Oasis, on track for delivery.

Binghatti did not say when the project would be completed.

The construction value of the project is estimated to be worth $29.9m (AED110m) and the main contractor is Granada Europe Construction, with whom Binghatti has worked with on more than 20 projects.

Binghatti Sapphires is a 13-storey apartment block with 60 studios, 29 one-bedroom apartments, 39 two-beds, and eight retail locations. It will feature a swimming pool, gym, and a covered car park.

READ: Phase 2 of Dubai's $109m Millennium Binghatti homes launched

It is a stone's throw away from the Dubai Silicon Oasis Authority's Silicon Park development, a smart city initiative in the emirate that Binghatti described as "cutting edge".

Chief executive officer and head of architecture at Binghatti Developers, Muhammad BinGhatti, said the building reflected the company's eye for attractive building design.

"Binghatti Sapphires is a building that highlights Binghatti Developers’ angular and dynamic architectural style, which features symbolic design cues representing the traditional elements found in the Middle Eastern architecture,” he said.

Binghatti Developers, the real estate development arm of Binghatti Holding, boasts a portfolio of more than 30 projects.

In the last 24 months the developer claims to have handed over more than 2,000 units. It also plans to deliver more than 3,000 units before the end of next year.

Meanwhile, the business is braced for a reduction in the costs associated with doing business in the property market, thanks to key economic reforms outlined by the Executive Council of Dubai earlier this month.

The economic stimulus package includes a 50% reduction in some government fees related to property development and investment, as well as a waiver on fines for late property registration. These reforms, BinGhatti said, will "significantly contribute to the growth and development of Dubai’s real estate sector”.

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