Dubai-based property developer Sobha has announced the launch of a new mixed-used community within the Mohammed Bin Rashid (MBR) City development.
Sobha Hartland, valued at $4 billion, will mainly offer luxury homes in the 185-acre mega development, the statement said.
Spread over eight million square feet, the project will comprise of residences, two international schools, nurseries, three hotels, mosques, a clubhouse, a retail centre and restaurants.
Residences in the development include 282 L-shaped villas along with mid and high-rise apartments. Villas range from four, five and six bedroom units while low-rise garden apartments range from studio to three bedroom duplexes.
The villas are scheduled for completion and handover by late 2016, the developer said.
Sales for the first phase of the villas has begun at the Sobha Sapphire building, the statement said.
Sobha Group is currently working on developing another mega mixed-use project in MBR called MeydanSobha with government-owned Meydan. The project will have the world’s largest man-made lagoon and luxurious residential units.
Real estate developers have been cashing on the property boom in Dubai as home prices grew by more than 30 per cent in 2013 on the back of strong demand.
UAE-based building material supplier Danube recently launched a Dhs500 million residential project in Al Furjan area while stalwarts such as Emaar and Nakheel have been announcing a string of projects since the start of the year.
However, Dubai’s residential sales market slowed down in the first half of 2014, according to analysts.
Apartment and villa price sales prices recorded just six per cent and three per cent growth respectively, much lower than 2013, a Q2 report by Asteco found.