The 2019 edition of Cityscape Global, one of the largest real estate investment and development events held annually, attracted between 25 to 27 of September at the Dubai World Trade Centre, a number of developers and sector players.
There, we noticed Sobha Hartland, a $4 billion project spread across 8 million sqft, which generated AED 1bn in the first half of the year.
Boasting sustainability and urban design as core elements, Sobha Hartland was conceptualised to redefine new-age living.
The development has ensured the energy efficiency of public spaces through the use of LED lights. In addition, 30% of the total land area encompasses a dedicated green cover with some 300 species of plants and trees – creating a tranquil vibe. The master development also offers its residents the convenience of two international schools, as well as a selection of retail and F&B amenities and a boardwalk along the canal.
The following is a Q&A with Mr PNC Menon, Founder and Chairman of Sobha Realty.
Ameinfo: Can you describe in brief your business?
In terms of sales, construction and property development 2019 has been a great year so far. Sobha Hartland as a community has been well received by the market.
It is also because of our history of delivering projects on time and having been in the industry for four decades. We launched two new projects; One Park Avenue earlier in March and Creek Vista Reservè in September 2019, both of which have seen great responses from interested buyers. Furthermore, we will soon be breaking ground on Creek Vista Reservè. It is in 2019, around the half-year mark, that we also reached our goal of AED1 billion in sales, bringing us closer to our milestone target of AED2 billion in sales.
AMEinfo: What type of new projects are you launching: Flats, villas, towers, mixed use?
Sobha Hartland, the master development, is a product of insightful planning adhering to what consumers are looking for today. Mixed used developments are a trend now, offering a complete experience to residents and allowing for easy accessibility, something that everyone prefers. However, within the development of Sobha Hartland we have a vast portfolio of projects that appeal to all categories of buyers. The range starts from studio apartments and goes all the way up to 6-bedroom luxury villas.
AMEinfo: Dubai Real estate transactions and investments up in H1 2019 over 57%- Why? Who are the players?
Dubai has always attracted international investors that have consistently shown keen interest in the Dubai market because of the value for money it has to offer. The recent decline in prices makes it the perfect time for investors to buy. Also, with EXPO 2020 just a year away from raising curtains, the market has started to move in an upward trajectory. The new visa reforms and changes in ownership of property laws have provided additional boosts to the market. Sobha Hartland too has witnessed a greater increase in international investors with Chinese nationals having invested close to AED500 million, followed by Saudi nationals and Indians. Sobha Realty boasts sellout projects, such as the most recent One Park Avenue launched Q2 2019.
AMEinfo: What is the state of family housing in the UAE? What is the average home price being sold? Is this a seller or buyer’s market?
Everyone is looking for value for money specially families. However, deciding the average price of property involves a lot of variables in it. This depends on the location, the community and other factors. It is really hard to put a finger on the variables that are directly affecting the property prices.
AMEinfo: What role is Proptech playing in the sector? How do you see the real estate market digitally transforming? In what ways?
Proptech will provide the necessary traction that the real estate market needs in the digital age. It will not only highlight but also give exposure to the market and make it easier for interested buyers to take a decision based on accurate information about investment options.