Developer says recently announced results cover half of its projected target of $544.47m for the year
Sobha Realty, the Dubai-based real estate developer, has announced a robust annual financial performance, registering $272.24 million in sales in 2019, covering half of its projected target of $544.47 million for the year.
In a statement, the company said that its strong performance was driven by strong investor uptake in the developer’s flagship project, Sobha Hartland. The year-to-date results mark a 165% increase in sales value over the same period in 2018, it added.
“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,” said PNC Menon, founder and chairman of Sobha Realty.
Sobha Hartland is an 8 million sq ft waterfront community located along the Dubai Canal. It consists of luxury apartments, premium villas, and high-end townhouses, including Sobha Creek Vistas, One Park Avenue, Sobha Hartland Garden Houses, Canal Villas, Gardenia Villas and Forest Villas.
Over the course of the year, Sobha Realty sold 800 units, comprising a net area of 614,902sqft, with Sobha Creek Vistas emerging among the most popular projects within the development, followed by Hartland Greens and Hartland Estate Villas.
“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,” Menon added.
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% this year are from China, 8% are from India, and 7.63% belong to Saudi Arabia. Emirati buyers comprise 15% of all buyers in 2019, the developer said.
Sobha Realty recently announced the launch of One Park Avenue, its latest residential tower that pushes a sustainable living concept. The G+24-floor tower will include 403 one- to four-bedroom apartments, all with balconies that offer of Dubai Creek, Downtown Dubai, Ras Al Khor Wildlife Sanctuary, Dubai Water Canal and Meydan Racecourse.
Approximately 30% of the Sobha Hartland community is reserved for greenery and open spaces, the company said.