Sobha launches ‘quad homes’ at $4 billion Hartland project in Dubai
Developer Sobha Group on Wednesday announced plans to build up to 80 "quad homes" at its US$4 billion Sobha Hartland project in Mohammed bin Rashid City.
Sobha said that the freehold town houses will be arranged in small clusters of up to four properties each and contain 3,300 square feet of space. Each one will have three floors with a private lift, a two-car garage and a sky roof.
A launch event for the first phase containing 27 units was held on Wednesday. This phase is due for completion by the end of next year. Prices start at Dh5.3 million, but a payment plan is on offer with 50 per cent payable during construction, a further 10 per cent on completion and a further 40 per cent over the next two years.
PNC Menon, the founder and chairman of Sobha Group, said the town houses "have features you would ordinarily find in a mansion like a lift, four master bedrooms, three floors, multiple terraces, a private garden and more".
Sobha Hartland is an 8 million sq ft master planned community off Al Khail Road that was launched by Mr Menon’s company in 2014. The project contains a mix of low, medium and high-rise apartments as well as a community retail centre, a school, and a large, mixed-use tower.
Last November, the company announced that it would begin offering plots for apartment buildings within the project for sale to third-party developers. Sobha is also a joint venture partner in the neighbouring District One project with developer Meydan, and has agreed a partnership with the Umm Al Qaiwain government to build a Dh25 billion tourist resort on Al Qinniyah Island.
A UAE market property report for 2016 published on Wednesday by property portal Bayut.com found that average apartment prices in Dubai fell by 11 per cent last year, while rents dropped by 6 per cent. Declines were steeper for larger properties, however, with ones containing four or more bedrooms experiencing price declines of about 15 per cent and rental declines of 8 per cent.
( courtesy of TheNational )