Construction

Sobha Realty registers $136mn in sales bookings for Q1 2019

Developer says figure is 33% over its estimated target for $102mn per quarter

Sobha Realty, the Dubai-based real estate developer, has announced that it has registered $136 million in sales bookings for the first quarter of 2019, which is 33% over its estimated target of $102 million per quarter, it said in a statement.

In 2018, the developer announced its intention to generate $408.4 million in turnover for this year, increasing the target by two-thirds to $680.7 million in 2021. According to a statement from the company, it aims to more than double its current market share to 5% by 2021 as part of a bid to take the business public and to boost revenues.

“The strong performance of Sobha Realty testifies to the strength of Dubai’s property sector, driven by mature economic fundamentals and a robust regulatory framework,” remarked Tirthankar Ganguly, the chief marketing officer of Sobha Realty, adding that a positive response from investors, including international buyers, allowed the company to conclude Q1 2019 on a positive note.

As a multinational, multifaceted group, Sobha Realty has developments and investments in the UAE Oman, Bahrain, Brunei and India.

“Through our flagship project, Sobha Hartland, we offer world-class residential options that stand out for their flawless design and superior build quality, proving that regardless of market conditions, there is always a keen demand for luxury living spaces. Our strategy to unlock the true potential of Sobha Realty aims to deliver long-term value to our customers as we continue to focus on our core competency,” Ganguly stated.

Located in Mohammed Bin Rashid Al Maktoum City, Sobha Hartland is an 8 million sq ft waterfront community situated along the Dubai Canal.

 

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