Sobha Realty, the leading premium real estate developer, has announced a robust annual financial performance, notching up a whopping Dh1 billion ($272.24 milllion) in sales in 2019, covering half of its projected target of Dh2 billion ($544.47 million).

 

The impressive performance is owing to a strong investor uptake for its flagship project Sobha Hartland, the company said. 

 

The year-to-date results mark a 165 per cent increase in sales value over the same period in 2018, it said. 

 

Sobha Hartland is an 8-million sq ft waterfront community located along the idyllic Dubai Canal, and consists of luxurious apartments, premium villas as well as high-end townhouses, including Sobha Creek Vistas, One Park Avenue, Sobha Hartland Garden Houses, Canal Villas, Gardenia Villas and Forest Villas.

 

During the course of the year, Sobha Realty sold 800 units, comprising a net area of 614,902 sq ft., with Sobha Creek Vistas emerging among the most popular projects within the development, followed by Hartland Greens and Hartland Estate villas. 

 

PNC Menon, founder and chairman of Sobha Realty, said: “We are immensely proud of the sales results achieved in 2019. The numbers are testimony to Sobha Hartland’s value proposition of an exclusive sustainable living experience in the heart of the city. The quality and luxurious craftsmanship, coupled with our inherent ability to backward integrate the project lifecycle, enables Sobha to deliver prime real estate that resonates with our local and international buyers, as is evident from this remarkable performance.”

 

He added: “The year-on-year increase in sales revenue and the positive results issued by Dubai Land Department reinforce the bullish outlook for Dubai’s real estate market with the number of transactions across the city registering a 33 per cent growth over the same period last year. At Sobha Realty, we are committed to redefining the art of living through our unique design philosophy that is geared towards shaping sustainable and thriving communities with an enduring timeless appeal.”

 

Since its announcement in 2013, Sobha Hartland has received interest from local and international investors looking for an attractive investment and exclusive living experience in Dubai. Among the top international buyers in Sobha Hartland, 36.46 per cent this year are from China, 8 per cent are from India, and 7.63 per cent belong to Saudi Arabia. 

 

Furthermore, the community’s outstanding features, green open spaces and community feel, contribute to a tranquil and private living experience. Adding to the appeal are the two world-class academic institutions, North London Collegiate School and Hartland International, which along with the community’s convenient location and ease of access to the city’s major landmarks, renders it one of the most popular destination for Emirati buyers that comprise 15 per cent of all buyers in 2019. 

 

Sobha Realty’s latest development addresses the forecasted demand for luxury residential properties in Dubai, which is rapidly gaining a reputation for being an accessible market that can generate strong returns for investors. 

 

The developer recently announced the launch of One Park Avenue, its latest residential tower that seeks to reimagine new-age living through a sustainable lens. The G+24-floor tower will include 403 one- to four-bedroom apartments, all with balconies that offer uninterrupted views of Dubai Creek, Downtown Dubai, Ras Al Khor Wildlife Sanctuary, Dubai Water Canal and Meydan Racecourse. 

Sobha Hartland also has the distinction of being one of the only master-planned projects under development where approximately 30 per cent of the community is reserved for greenery and open spaces, the company said. – TradeArabia News Service