Dubai developer phases out launch to test market demand

After a lull in project launches in the last quarter of 2018, developers are beginning to test the waters.

After Danube Properties launched Elz Residences in Arjan in December last year, Sobha Realty is the latest to join the fray by launching apartments in its flagship community, Sobha Hartland.
The developer has released around 200 units in the upper floors of its 28-floor twin tower project, Creek Vistas. This comes in addition to the approximately 250 units it had already launched in the towers in May 2018.
The developer said two-thirds of the released inventory had already been sold in the project.
Tirthankar Ganguly, chief marketing officer, Sobha Realty, told Khaleej Times: "There was a huge demand from first-time home buyers towards the end of 2017. However, most affordable homes brought to the market by developers, including some large master developers, were compromising on quality, size and location. We weren't willing to compromise on any of these points."
Creek Vistas offer one and two-bed apartments. The 1-beds span from 500 to 600sqft and are priced from Dh800,000 to Dh1 million. Two beds range from 800 to 900sqft and are priced from Dh1.2 million to Dh1.4 million. The project will be delivered by mid 2021.
"Buyers have been a mix of end-users and those aspiring to own an asset that will deliver good returns," Ganguly added.
Around 170 apartments in the first phase of Hartland Greens has already been handed over. The second phase in Greens will be ready by August. All phases in Hartland Greens will be delivered in the course of this year. Around 50 villas are also coming up for delivery this year, the senior executive pointed out.
Ganguly affirmed that demad is always stable in the luxury market. "Buyers never go by exuberance or market sentiment. These are long-term buyers. There is a steady stream of buying from people who have a long-term view of the market and who aren't into trading units. We don't want to bring a product to the market in a rush to take advantage of a short-term sentiment," he observed.
-deepthi@khaleejtimes.com

Deepthi Nair

deepthi@khaleejtimes.com