21 April 2022 – ME CONSTRUCTION NEWS – www.meconstructionnews.com
Sobha Realty, the Dubai-based real estate developer, has announced that work is moving forwards at a steady pace on its flagship project, Sobha Hartland, an 8 million sqft waterfront community featuring a mix of luxury apartments, villas and high-end townhouses, with nearly 60% completed.
Located in Mohammed Bin Rashid City in Dubai, the mixed-use project features 22 hectares of greenery, constituting 30% of the entire project, a statement said. It added that the residential component of the project will include freehold studios, one-, two-, and three-bedroom apartments, duplexes, townhouses, and four-, five-, and six-bedroom villas.
Construction is underway in three phases, the developer said.
Managing Director Francis Alfred said: “The high level of interest from expat investors for Sobha Realty properties is evident and inspiring. As one of the leading real estate developers in the UAE, we are delighted to serve such a large global clientele.”
“Indian, Chinese, and Emirati nationals make up the top three investors in Sobha Realty, followed by Russian, British, and Nigerian nationals,” he stated.
“Their trust is an indication of their confidence in our luxury properties, as well as our commitment to delivering the highest standards of quality and design,” he added.
The masterplan also includes amenities such as international schools, nurseries, healthcare facilities, swimming pools, tennis courts, yoga centres, gyms, playgrounds and parks, it stated.
In response to the growing demand for luxury properties, Sobha Realty has increased its sales target by 50% from 2021. The real estate developer has witnessed a steady flow of investments, with 50% of foreign and 50% of resident investors, respectively.
“The high level of interest from expat investors of Sobha Realty is evident and inspiring. As one of the leading real estate developers in the UAE, we are delighted to serve such a large global clientele. Their trust is an indication of their confidence in our luxury properties, as well as our commitment to delivering the highest standards of quality and design,” Alfred added.
Dubai’s status as one of the first cities to reopen its borders since the pandemic, the additional provision for Remote Work Visa, and Dubai’s Virtual Working program are key contributors to the increasing demand for the sector, he said.
He added that Sobha Realty will look to continue its success as it plans to begin work on another development, valued at $4 billion, in the third quarter of this year due to growing investor demand.