Sobha Realty Founder and Chairman PNC Menon says despite the pandemic, there is an appetite for buyers to go for big ticket units of Dh2 million and above in Dubai’s property market. Sobha, which has launched the Al Ola Residences in the new Creek Vistas Reservé Tower D, the Tranquility land plots and their Experience Studio in 2020, will stick to its pre-Covid-19 delivery schedule and plans to move ahead in 2021 as per its original plans, says Menon. “We have a mix of international buyers and UAE residents. What is really exciting is that we are now seeing an increase in the number of Emirati buyers who are looking for well-developed and strategically located homes that offer panoramic views and are close to the city’s top attractions and shopping centres,” he says. In line with this trend, Sobha has named the top three floors of the G+3P+33 tower Al Ola Residences, translating as ‘high rise’ in Arabic.
Talking about Covid-19, Menon says the lockdown has, indeed, affected buyer sentiments. “It even affected our business from last year,” he says. “People lost the confidence,” he observes, “but I am a great believer in Dubai and the emirate always comes back.”
Back to normal
He expects things to come back to normal after the second quarter of next year. The company, Menon says, has taken a revenue hit during the pandemic and to keep the business running there have been salary cuts. “We had to take necessary steps to manage our overheads and the Dubai government’s quick and timely decisions have also helped us. Banks have supported businesses and contracting companies kept working even during the lockdown to ensure timely delivery. I took the decision to buy Hartland in 2011, right after the global financial downtown and I never looked back. Even today, I would do the same, I am a great believer of Dubai,” says Menon.
Developers, Menon says, should stop panicking and believe in the quality of their product. At Sobha Realty, the living experience is taken into close consideration in every element of the design and execution, to ensure superior levels of comfort and convenience for our residents. “Prices are going down in the market, but if you deliver a quality product, you will always find the right market for it.”
To offer visitors, investors and stakeholders insights into Sobha’s signature quality, the Sobha Experience Studio was launched during the pandemic. “We wanted to show the market what we have achieved in the Hartland. The Experience Studio takes visitors on a behind-the-scenes journey of the various innovative aspects that make up its design and construction process to achieve the signature quality of a Sobha home.
Visitors coming into the Experience Studio can understand Sobha’s unique intuitive design philosophy that goes into delivering thriving and sustainable communities, The Experience Studio also highlights the distinct quality, materials and efforts that go into delivering luxury living spaces to Dubai’s residents and its meticulous attention to detail in every aspect of the execution, workmanship and service.
Upon arriving at the Studio, visitors are welcomed into a theatre, where they are provided a guided tour of the construction process from the concept and development of the structure to its hardscape, and external and internal finishes. They can see various spaces, such as the bathrooms and wardrobes take shape. Visitors will also be able to view the smart solutions integrated into the design that ensure proper and timely maintenance of all units within Sobha Hartland.
Sobha’s backward integrated model enables it to have full control of the construction process and compliance with its stringent quality standards across all projects. It employs in-house resources to develop projects from ideation and conception to construction and handover.