Property

Sobha: 70% of phase 1 and 2 of Hartland project in Dubai sold

Construction of Buildings 1 and 4 at Hartland Greens Phase 1 in Dubai expected to be completed within nine months

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Sobha Group, the Dubai-based real estate developer, has announced that 70% of Phase 1 and 2 in its Sobha Hartland project have been sold, with construction of both villas and apartments in Hartland Greens well underway.

In an update released by the developer, it said that construction of Buildings 1 and 4 in Hartland Greens Phase 1 would be complete within the next nine months. This segment of the Sobha Hartland project consists of low-rise high-end apartments located alongside the Dubai Water Canal.

It is part of an eight million square foot resort-style luxury housing project, with waterfront housing and 30% green space.

The Hartland Greens comprises of G+8 residential apartment buildings, with options varying from studios, duplexes, one, two and three bedroom units. There are a total of 521 apartments being constructed in Phase 1 and 2, with construction of Phase 1 completed to G+5 level, and is scheduled to be complete by December 2017.

Investors will have an option to choose from park, pool or boulevard view apartments.

“We have designed these apartments, quad homes and villas keeping in mind each type of lifestyle, investment, preference and purpose as there are both multiple options of layouts and sizes,” said PNC Menon, founder and chairman of Sobha Group.

“Given our focus for quality and large lavish homes compared to smaller units offered by other players, coupled with excellent payment plans, Sobha Hartland is by far the most preferred choice for real estate investments.

“With the real estate investments from UAE nationals from across the GCC, Arabs, and foreigners to the tune of $5.98 billion in 2016, the Dubai property market continues to be the preferred investment destination for all,” he added.

Construction of Phase 2 is underway as well, Sobha said, with completion expected in December 2018. Phase 3 of the project will be launched shortly, the developer added.

The project is being developed in proximity to Dubai landmarks like the Burj Khalifa, Ras Al Khor wildlife sanctuary and the recently announced Meydan Mall which is part of the 40.4 million square foot Meydan One development, located between Meydan Racecourse and Al Khail Road.

At present, Sobha Group has three major projects under construction, two of which are located at prime locations in the heart of Dubai and are expected to be completed by 2020.

In January this year, the group announced the launch of Hartland Estates ‘Quad Homes’ – a large townhouse project along the Dubai Water Canal.

“We are upbeat about an imminent market upswing despite an overall slowdown in economy in the Middle East and lower oil price as investors and end users from more than 50 countries continue to record their vote of confidence in Dubai. Dubai remains the most sought-after property destination for investors as it offers one of the world’s most attractive returns on their investments,” Menon concluded.

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