India's PNC Menon wants to raise Sobha's UAE share by 2.5%
The developer is also looking to expand outside the UAE and reiterate its spot in the high-end real estate segment
Dubai-based real estate developer Sobha Group is expanding outside the UAE and plans to increase its market share in Dubai in a revamped strategy to support growth.
The company recently completed a rebranding exercise that it said would support the next phase of its expansion drive, as it aims to increase its market share in the UAE by 2.5%.
“The reason for the rebrand is to make sure that we are in a certain segment of the market, and that is the luxury segment,” PNC Menon, chairman of Sobha Group, told Construction Week.
“We want to only be in the high-end of the market. I want to make sure that the perception of us in the market is actually where we are. We were not communicating the real value of our brand before [the rebrand],” he added.
Sobha Group's logo has been changed to reflect the company's position as a high-end real estate developer, Menon said, adding that he expected the exercise would lead to new business for the company in the next six to nine months.
As part of its international expansion plans, Sobha has signed a memorandum of understanding with the Indonesian government to build a residential complex in the heart of the country's capital city, Jakarta.
The project will be developed as part of a joint venture with the government.
“We have opportunities to do joint ventures in Africa as well, but I am in no hurry to do this,” Menon said, and also ruled out entering Saudi Arabia.
The developer also plans to increase the number of units delivered in the current period compared to last year, with up to 1,380 units set to be finished between 2018 and 2019.