Wednesday, May 22, 2024

“Sobha Realty Achieves Record Dh15.5 Billion Bookings, Marking Unprecedented Sales in 2023”



Sobha Realty has shattered records with a staggering Dh15.5 billion in sales bookings for 2023, marking an all-time high for the company. This remarkable feat was driven by an unprecedented surge in demand for Sobha’s premium residential and commercial developments across Dubai.

The company’s diverse portfolio witnessed a remarkable 51% year-over-year increase in sales in 2023, propelling it to surpass its ambitious Dh15 billion target. Emboldened by this success, Sobha Realty has set its sights on an even loftier goal of Dh20 billion in sales for the upcoming year.

Apart from its impressive sales performance, Sobha Realty also delivered two completed projects ahead of schedule in 2023, comprising 1,819 units. This timely execution further solidified the company’s position as a prominent player in Dubai’s real estate market, securing a notable 10% market share by value.

Ravi Menon, Co-Chairman of Sobha Realty, expressed delight at the company’s extraordinary achievements, stating: “We are delighted to conclude 2023 on a high note, attaining record-breaking sales and establishing strategic partnerships that will shape the future of Sobha Realty. The exceptional growth reflects our steadfast commitment to delivering high-quality properties. As we step into 2024, our focus remains on adapting to evolving market trends and elevating the quality of our services, further ensuring a continuation of our upward trajectory in the dynamic real estate landscape and realizing our vision to be a global real estate brand.”

Sobha Realty’s remarkable performance in 2023 was further bolstered by prestigious credit ratings awarded by two leading global agencies. S&P Global Ratings and Moody’s assigned “BB-” and “Ba3” ratings, respectively, to PNC Investments, the holding company of the Sobha Group. These strong ratings underscore the company’s significant financial strength and resilience.

Moreover, the developer’s historic $300 million Sukuk issuance in the previous year stands as a testament to its ability to attract a diverse international investor base, further reinforcing its credibility and global appeal within the real estate industry.

As Sobha Realty rides the wave of its record-breaking success, the company remains steadfastly committed to delivering exceptional quality and adapting to evolving market trends. With a keen eye on innovation and customer satisfaction, Sobha Realty is poised to continue its upward trajectory, solidifying its position as a globally recognized real estate brand.

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Local News