Page 88 - SOBHA REALTY PR REPORT - OCTOBER 2024
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“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.)
'W e e k e n d g e ta w a ys'
"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."