Dubai: Umm Al Quwain is ready to go full speed ahead into the property boom sweeping the Northern Emirates, which has already made real estate freehold hotspots of Ras Al Khaimah and Sharjah. Not just that, Umm Al Quwain is going for an island destination to establish its credentials as a real estate investment destination.
This is where the ‘Sobha Siniya Island’ floats into view. A project from Sobha Realty and Umm Al Quwain Properties, Phase 1 of the development itself adds up to a substantial 17 million square feet. The first lot of homes have been released and with prices firmly in the luxury range. (Emaar is the other major league Dubai based developer to have a UAQ project.)
“Given that Sobha Siniya Island is offshore destination and with the promise of extensive waterfront living, the prices of the properties had to match,” said Francis Alfred, Managing Director of Sobha Realty. “Yes, UAQ is still relatively new territory for freehold investments, but what’s being built will justify that.
“Plus, from Dubai Airport, we are talking about reaching Sobha Siniya Island in 45-60 minutes, and that’s a unique proposition too.”
Rising popularity of Northern Emirates
The UAE’s northern emirates are undergoing their own property and construction lift-offs in various degrees. Ras Al Khaimah has been a significant beneficiary, with a simultaneous hospitality boom to add to the mix. (In fact, RAK property values have also seen sizeable gains in the secondary market within the last 12 months.)
UAE based and overseas investors planning second or more home property investments are a dominant reason in why there are plentiful takers for the offplan launches happening in these emirates.
Now, UAQ is gunning for that attention too. Sobha has set apartment prices from Dh1.15 million, while villas carry prices of Dh10.5 million to over Dh30 million.
The Siniya Island masterplan is still being worked on, but there’s already a bridge connecting the UAE mainland to the location, which will help with the construction and, of course, easier connectivity for future residents.
Sobha is targeting Phase 1 delivery by December 2027. “We are only using 40% of the land available for real estate, which will include the 7,000 homes, two hotels and a mall,” said Alfred. “The bulk of the site will be left open for green spaces.
“Low-density development is very much part of the objective.”
Sobha had acquired the UAQ land bank in 2016-17, but held it in reserve until the UAE real estate boom took full hold from 2022. Now, it’s the turn of individual Northern Emirates to get on this bandwagon.
Property analysts say that in setting the prices, Sobha is giving investors the promise of a low-density residential destination - and a full-scale island at that - with all the luxury trappings. There will be a golf course and a marina with extensive berthing. (Those specs will be mapped out once the masterplan is done.)
'Weekend getaways'
"Developers like Sobha in UAQ and Aldar in RAK are going for luxury offerings and - most important - with a defined number of overall homes in it," said an estate agent. "This is what high networth investors want to have, especially those making their second home purchases or weekend getaways."
As for taking up Phase 2 at Sobha Siniya Island, Alfred said: "That's for the future to decide. Our immediate target is finishing off Phase 1 in December 2027."
