Sobha sets sales target of Dh2.5b in 2020

Dubai: Sobha, the developer, expects to record Dh2.5 billion in sales this year from Dubai, primarily from its Sobha Hartland community. If it meets the target, this would mean a marked improvement on the Dh2 billion and over it recorded last year.

Hartland will “continue to see further updates throughout the year, and we are confident that we can surpass the 2019 sales target by a substantial 25 per cent,” said P.N.C. Menon, Chairman, in a statement.

Sobha Realty sold 1,491 units last year, comprising a net area of 1.23 million square feet, with Creek Vistas emerging as the most popular cluster within the wider development.

Launched in 2014, the Hartland is an 8 million square feet community in Mohammed Bin Rashid (MBR) City.

“Our outlook for the coming year is positive, and we anticipate a strong resurgence in the real estate market,” said Menon.

Developers in Dubai are now focussed on delivery and clearing their released projects rather than go in for new ones. Last year, Sobha launched a twin-tower project, which did meet with strong buyer support.