Sobha starts $122m Dubai projects amid ‘unprecedented growth’
PNC Menon outlines "aggressive plans" for 2019 growth as Dubai developer kicks off building spree
Sobha Realty will launch building work for contracts worth $122m (AED450m) in 2019 amid expansion in Dubai, the company’s chairman and founder, PNC Menon, said.
The UAE-based developer behind Sobha Hartland said its in-house contracting arm would commence work on Sobha Creek Vistas, Hartland Club, and Villas Phase 3 in 2019.
Construction progress will also be made on several Dubai projects, with approximately 1,000 residential units to be handed over this year.
Menon said the business will complete three projects in 2019, including Phases 2 and 3 of Sobha Hartland Greens, with 341 and 495 units respectively, as well as 76 villas in Hartland Estates.
Soft and hard landscaping and infrastructure works for Hartland will be “substantially completed” as well, he added.
The update on Sobha’s development plans for the year ahead came as Menon looks to increase the developer’s share of the UAE property market by 2.5% under new corporate branding.
“We have aggressive plans to increase our market share in Dubai and recently refreshed our corporate brand and [renamed] it Sobha Realty,” he said.
The company wants to focus on the “luxury segment” of the market and felt its former brand identity did not convey this.
“We were not communicating the real value of our brand before, but now, with focused marketing strategies, we are confident of ensuring the increase in market share by 2.5%. Additionally, 2018 has been an excellent year with unprecedented growth and achievements for Sobha Realty,” he said.
These achievements include handover of “flagship projects” including Phase 1 of Hartland Greens.
“The next phase of delivery, which includes the four- and five-bedroom Hartland Estate villas and townhouses, is now getting ready for a timely completion.”