Sobha Realty registers Dhs1b in sales

Business Bureau, Gulf Today

Sobha Realty, the leading premium real estate developer, announced a robust annual financial performance, notching up a whopping Dhs1 billion in sales in 2019, covering half of its projected target of Dhs2 billion, owing to a strong investor uptake for its flagship project Sobha Hartland.

Sobha Hartland is an eight million square feet 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 squre feet, with Sobha Creek Vistas emerging among the most popular projects within the development, followed by Hartland Greens and Hartland Estate villas. The year to date results mark a 165 per cent increase in sales value over the same period in 2018.

Speaking on the annual sales results, 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.