By Sam Bridge
Chairman PNC Menon says he anticipates a strong resurgence in the Dubai real estate market in 2020
Sobha Realty, the Dubai-based premium real estate developer, on Tuesday announced a AED2.5 billion ($680 million) sales target for 2020.
Following sales of more than AED2 billion last year, the company said it is on track in advancing its flagship master development Sobha Hartland, generating strong returns.
PNC Menon, founder and chairman of Sobha Realty, said: “The year 2020 is an exciting one for us at Sobha Realty, as well as for the city of Dubai as a whole.
With the much-anticipated mega event Expo 2020 Dubai kicking off in October, and the enabling environment created by strategic government initiatives and reforms, our outlook for the coming year is positive, and we anticipate a strong resurgence in the real estate market.
"At Sobha Realty, we have set our sights on supporting this growth around the city and look forward to welcoming local and international investors that are keen to make Dubai their home.”
He added: “We are confident that we can surpass the 2019 sales target by a substantial 25 percent.”
The company also announced that more than 900 units are scheduled for handover during the year.
In 2019, Sobha Realty sold 1,491 units, comprising a net area of 1.23 million sq ft, with Creek Vistas emerging as the most popular project within the development, followed by Greens and Estates villas.
The year-to-date results marked a 165 percent increase in sales value over the same period in 2018.
Launched in 2014, Sobha Hartland is an eight million sq ft luxury freehold master development situated in Mohammed Bin Rashid Al Maktoum City, overlooking Downtown Dubai.
Key projects within the community include Greens, Creek Vistas, Creek Vistas Reservé, Gardenia Villas, Garden Houses, One Park Avenue and Forest Villas.