Daily Times

ISLAMABAD: The thriving property market of the United Arab Emirates is mostly dominated by foreign investors, including Pakistani nationals. The total value of foreign investment for the first half of 2016 in the Dubai real estate market is currently more than AED 28 billion, with AED 3 billion coming in just from Pakistanis. It is one of the most popular cities for investment owing to the great rental returns and tax free advantages. Sobha Group, a multi-national, is a key real estate development company working out of the UAE. The group is a multinational, multi-product group with developments and investments in the UAE, Sultanate of Oman, Qatar, Bahrain, India and Brunei. Established in 1976 by a first generation entrepreneur, PNC Menon, as an interior decorating company in Oman, the group has grown into one of the most respected names across all the countries in which it has established businesses. Sobha Grouphas over 111 real estate projects in the Middle East to its credit. The group at present has three major projects under construction, two of which are located at prime locations in Dubai and are expected to be completed by 2020.The Sobha Hartland project was launched in 2014, which is a $4 billion dollar, mixed-use development. The resort-style luxury housing project encompasses 8 million square feet of freehold community in Mohamed bin Rashid Al Maktoum City. 30 per cent (2.4 million square feet) of the community is only reserved for greenery. Its close proximity to Dubai’s top attractions makes it a sought-after project. At the end of the first phase of Sobha Hartland, the company has launched 48 villas and 160 apartments which have already sold in a significant number. At Sobha Hartland, residents will have access to wide selection of world-class amenities like two international schools, nurseries, malls, cafes, tennis courts, yoga centre, swimming pool, clubhouses and spas, mosques, and healthcare facilities. Moreover, the project is just three kilometers away from Dubai’s top attractions. This makes Sobha Hartland an ideal long-term investment for Pakistanis in Dubai. The Meydan Sobha District One project is valued at $8 billion. It is a joint venture with Meydan Group and will develop 45 million square feet of freehold land into an exclusive destination of luxury villas and mansions surrounded by expansive green parks and lagoons within the Mohammed Bin Rashid Al Maktoum City. Phase one of the project will consist of 267 villas with handover commencing in the 4th quarter of 2016. Sobha Group is also developing the Firdous Sobha scheme, a mixed-use island development that will have villas, apartments, hotels, shops and leisure facilities with a total value of around $6.8 billion. The scheme was announced in earlier this year and will cover 4.9 square km. “With the real estate investments to the tune of AED 57 billion in the first half of 2016, the Dubai property market continues to be the preferred investment destination for more than 149 nationalities. Dubai offers a range of exciting projects that caters to every need and fancy of the investors. Sobha Hartland, surrounded by 2.4 million square feet of greenery and set along the Dubai Water Canal, enjoys the unique advantage of prime location backed by over 40 years of expertise. With Hartland Greens, Waterfront villas, and Hartland Estates –Town House community, Sobha Group continues to set a benchmark in offering world-class bespoke living experience. We have recently been recognized by as one of the Top Real Estate Companies in the Arab world for 2016 by Forbes Middle East,” said PNC Menon, founder and chairman of the SOBHA Group, while commenting on the company’s journey so far. About Sobha Group Sobha Group is a multinational, multiproduct group with developments and investments in U.A.E., Sultanate of Oman, Qatar, Bahrain, Brunei and India. Established in 1976 by a first generation Indian entrepreneur, PNC Menon as an interior decoration firm under the name of Services and Trade Company in Muscat, Oman, the group has grown into one of the most respected names in all the countries in which it has established businesses. The organisation is one of the fastest growing and foremost backward integrated real estate organisations in the region. It means that the company has all the key competencies and in-house resources to deliver a project from conceptualization to completion. Sobha is primarily focused on residential and contractual projects. The Company’s residential projects include presidential apartments, villas, row houses, super luxury & luxury apartments, plotted developments and aspirational homes. The company is currently developing Sobha Hartland, a mixed-used development in the centre of Dubai.