Sobha Realty, the top luxury real estate developer in the UAE, has partnered with DMCC, the premier free zone in the world, and the Government of Dubai Authority on Commodities Trade and Enterprise to build Verde by Sobha, the company's first project, in the Jumeirah Lakes Towers (JLT) neighbourhood.
Francis Alfred, Managing Director of Sobha Group, and Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, signed the cooperation agreement.
Verde by Sobha will add an architectural wonder to the JLT neighborhood, enhancing the area's selection of opulent residences. The project is anticipated to showcase Sobha Realty's distinctive style and sophistication by utilising Sobha Realty's experience and design capabilities. The company's distinctive "Backward Integration" methodology, which makes use of all of Sobha's internal skills from design to development, will also be advantageous to Verde by Sobha.
The 58 floors and seven podiums of the new luxury complex will house a variety of one- to three-bedroom apartments, with prices starting at AED 2 million. Also, the building has unique amenities like BBQ areas, leisure areas, swimming pools, multipurpose rooms, a gym, and F&B and retail options on the ground level. The project is anticipated to generate AED 1.6 billion in sales revenue and is targeted for completion in Q4 2026.
Verde by Sobha enjoys the benefits of being situated in one of Dubai's most recognisable mixed-use communities. It is located in the centre of JLT across from Cluster H. JLT, which covers an area of approximately 2 square kilometres, is a diversified neighbourhood that provides a variety of leisure, hotel, F&B, and retail activities.
Verde by Sobha has panoramic views of the Jumeirah Island and Emirates Hills villa estates on one side and the Emirates golf course on the other. It is only a short drive from other upscale communities. Also, the property is close to two metro stations and has easy access to Sheikh Zayed Road.
Commenting on the new agreement, Francis Alfred, Managing Director of Sobha Realty, said: “We are delighted to sign this agreement with DMCC for our upcoming luxury project Verde by Sobha at JLT and are looking forward to unveiling details of the new project in due course. We are committed to offering the highest standards of lifestyle to our customers and have been making significant efforts to raise the benchmarks of the real estate segment in the emirate. Dubai’s real estate market has been witnessing an upward trajectory and we expect further growth in the coming years.”
For his part, Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC, said: “We are delighted to welcome Sobha Realty for their first project in JLT. Sobha has been one of the most iconic premium real estate developers in Dubai for decades, with over USD 1 billion in sales last year, and has fashioned an undisputed reputation for luxury living in some of the most in-demand locations. Since its inception, JLT has grown organically to become one of the leading communities in Dubai, offering a place for businesses to access the world’s fastest-growing markets, and of course, a thriving home for thousands of people. We are proud to mark the latest expansion of JLT’s offering through this landmark project with Sobha Realty, bringing another luxury residential development to the district.”
Due to the considerable growth in Dubai's real estate market in 2022, Sobha Realty has reaffirmed its commitment to introducing new projects throughout the emirate in order to keep up with the rising demand in 2023 as well.
Sobha Realty’s “Backward Integration” model, which has been a research study at Harvard Business School, is an added advantage that has enhanced the quality of construction. With this model, the company has redefined the real estate value chain by leveraging its inherent in-house capabilities of conceptualisation, architecture, design and development. Sobha Realty has an over 40-year history of creating world class luxury houses, and it has a reputation for unsurpassed customer service, unwavering quality and outstanding design.