Sobha Realty to launch Verde by Sobha in Dubai’s JLT district
The agreement with DMCC will see the developer build a 59-storey luxury tower in Cluster H of the mixed-use community
Sobha Realty has signed a major deal with DMCC, the flagship free zone and commodities trade and enterprise authority of Dubai, to develop its first project in the Jumeirah Lakes Tower (JLT) district.
In a statement, the developer said that the project – Verde by Sobha – is a 59-storey luxury tower that comprises of seven podiums with units ranging from one-, two-, and three-bedroom apartments. It will also contain a number of special amenities including BBQ spaces, relaxation facilities, swimming pools, multipurpose halls, a gym at the podium levels, as well as F&B and retail offerings at the ground level.
Sobha Realty added that the project is scheduled for completion by Q4 2026 and is estimated to generate sales revenues of approximately US $435mn.
Located in Cluster H, Verde by Sobha will bring an ‘architectural marvel’ to JLT, further complementing the district’s luxury residential offerings, said Francis Alfred, the Managing Director of Sobha Group, after signing the deal with Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC.
In early October 2022, Sobha said it had completed its One Park Avenue residential tower two months earlier than planned.
“Utilising Sobha Realty’s experience and design capabilities, the project is expected to exhibit its signature style and sophistication. Verde by Sobha will also benefit from the company’s unique ‘Backward Integration’ model, which leverages the full suite of Sobha’s in-house talent from design to development,” he stated.
He added that the project is located minutes away from other high-end communities, and will have views of the Jumeirah Island and Emirates Hills villa communities on one side and the Emirates golf course on the other. It will also have direct access to Sheikh Zayed Road and is in proximity of two metro stations.
Welcoming the project, Bin Sulayem stated, “Sobha has been one of the most iconic premium real estate developers in Dubai for decades, with over $1bn in sales last year, and has fashioned an undisputed reputation for luxury living in some of the most in-demand locations.”
He continued, “Since its inception, JLT has grown organically to become one of the leading communities in Dubai, offering a place for businesses to access the world’s fastest-growing markets, and of course, a thriving home for thousands of people. We are proud to mark the latest expansion of JLT’s offering through this landmark project with Sobha Realty, bringing another luxury residential development to the district.”
In late October 2022, Sobha launched its first signature residential tower project in Dubai.
Alfred added that Sobha was committed to offering the highest standards of lifestyle to customers and that the developer has made a significant effort to raise the benchmarks of the real estate segment in the emirate.
He concluded, “Dubai’s real estate market has been witnessing an upward trajectory and we expect further growth in the coming years.”
In late November 2022, Sobha unveiled a new interconnected tower development in Dubai.
