By Issac John, Khaleej Times
UAE - Sobha Realty, the recently rebranded property developer, said it is right on track to achieve a target of doubling annual sales to Dh2.5 billion in three years on the back of an upturn in investor confidence subsequent to a series of pro-investor reforms unveiled by the government.
P.N.C. Menon, founder and chairman of the multinational real estate and construction giant, said while investor/buyer sentiment would continue to rise in the wake of such pro-growth reforms, stimulus measures and initiatives, including long-term residency laws for property buyers and investors, oil price hike is brightening the region's economic prospects.
Speaking to Khaleej Times at the Sobha stand at Cityscape Global Exhibition, he insisted that there was no way prices could go down any further.
"It is inevitable that the market has to bounce back with demand from new customer segments expected to grow in the coming months." Cityscape Global, which has lined up over 300 developers, architects and brokers showcasing an array of projects, reflects this rising optimism among builders and buyers, he said.
Menon, who made a foray into Dubai property market in 2005 after making his mark in Oman, launched two iconic projects in the heart of the city in 2013: Sobha Hartland, a $4 billion mixed-use luxury project that includes villas, townhouses and apartments; and District One, a joint venture with Meydan Group, which is an $8 billion project encompassing 1,500 ultra-luxury villas.
The brand transition to Sobha Realty from Sobha Group is aimed at repositioning the developer's long-enduring image as a builder "with a legacy of craft and passion for perfection", said Menon, who has designed and built a host of iconic palaces and hundred of luxurious villas.
He said the new brand identity "draws from the world of arts and attempts to embody the fact that we are a brand that was home grown in this very part of the world - the GCC region".
In India, Sobha continues to be at the forefront of executing consistent quality and on-time delivery. Sobha has a presence in 24 cities and 13 states across India, and is the country's third largest developer in terms of total square feet delivered and is the world's only backward integrated real estate company.
"Like in India, where we are among the top three builders, we aspire to be among the most trusted and sought-after realty brands in the UAE," he said.
"Sobha signature quality," he said, is a practice that has been perfected over decades and it is something that no other real estate player can boast of or replicate, claimed Menon, who has diversified interests and investments also in Oman, Bahrain, Brunei and Tanzania.
He said Sobha Hartland community in Dubai's Mohammed bin Rashid City is a true testimony to Sobha's brand pillars.
"It's a destination that restores what the city life takes away from you through its multitude of unique selling points including the water front, 30 per cent green and open spaces and amenities such as the clubhouse, parks, forests, tracks, sports courts, retail and hospitality options," said Menon.
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