Dubai developer Sobha is soon planning to launch a massive affordable housing project in the emirate, the company’s chairman and founder PNC Menon confirmed on Wednesday.
The project, expected to be unveiled in the next six months, will cater to the budget segment with smaller sized units, he told reporters. Units will be sized from 700 to 800 sq ft onwards with pricing expected to begin from around Dhs 1,000 per sq ft.
Located 10km-12km away from its Sobha Hartland development, the new project will be spread across a huge area – even bigger than the District One project.
District One in Mohammed Bin Rashid Al Maktoum City is a 45 million square feet luxury development being developed by a joint venture between Sobha and Dubai-based developer Meydan.
Menon confirmed that the new project will also be developed as a joint venture, but refused to disclose any further details.
Affordable housing has gained popularity in the Dubai property market with more and more developers launching products targeted at the segment.
However, Menon also confirmed that Sobha would also launch more luxury units within its $4m Sobha Hartland project in the next six months.
That will include semi-detached villas and rowhouses with prices starting from Dhs 6m to Dhs 6.5m.
Currently, 80 of the 120 units within the first two residential towers launched within the Hartland Greens project have been sold out. The towers are scheduled for completion by the end of 2017.
The developer is also planning to unveil new mid-rise apartments which will be priced upwards of Dhs 1m. However, the timing of the launch will depend on market conditions, said Menon.
“We expect the market to recover by early next year,” he added.
Along with the residences, the Sobha Hartland project – launched in 2014 – will comprise two international schools, nurseries, three hotels, mosques, a clubhouse, a retail centre and restaurants.
Spread over 8 million square feet, the project will also include 2.4 million sqft of green spaces.