At Dh8 million apiece, Sobha’s newly launched Gardenia Villas will not match most homebuyers’ budgets, but the developer believes it hits the sweet spot for a specific segment in the market. The four-bedroom, all en-suite luxury villas span more than 4,000 sq ft and each is surrounded by a good amount of greenery. The villas come with a private lift and retractable glass that opens to a garden and private pool. “There are a lot of people looking for villas [like this] below the Dh10 million price point,” says PNC Menon, founder and chairman of Sobha Group.
Located in Sobha’s Hartland community in Mohammad Bin Rashid Al Maktoum (MBR) City, the Dubai Water Canal-facing development will be an exclusive community of 22 villas.
“We’re breaking ground any time now and expect to hand over in August 2019, the 22 villas will be delivered in one shot,” he adds.
Buyers can pay 60 per cent during construction and the rest on handover.
What's in Hartland
Gardenia will join the development’s 48 Forest Villas, coming in a larger four- to five-bedroom format and surrounded by trees, super large Waterfront Villas and 27 Quad Town Homes.
The developer points out that it will not design any smaller villas than Gardenia, but would launch more villas of the types it already has, as well as the smallest Quad Homes, in its next phase.
Hartland will eventually have 450 units in total, with greenery taking up 2.4 million of the 8-million-sq-ft development. “The vision is to have a forest surrounding the homes, in particular the villas, which form the Hartland Estate,” Menon says.
The community is close to town, has two schools and nurseries and offers plenty of opportunities to get active or practice serenity in its yoga centres. For those who want to live here, the developer has a range of apartments to chose from.
The Hartland Greens apartments offer studios to three-bedders. The quality and specifications are similar to the villas with minute attention to the finishing details, according to the developer. There is also Hartland Aflux, which offers more affordable prizes.
“Aflux is still luxury but we went for a slightly smaller more affordable format compared to what we launched in the earlier phases, because this is what the market requires. A studio starts at about Dh500,000,” Menon explains.
Move-in time
While the project overall would take another four to five years to complete, the first phase would be ready for handover by March next year, the second in 2019 and the third in 2020, according to the developer.
“The first phase of villas will be ready by middle next year; the Quad Homes and this new project, Gardenia, as well as infrastructure overall in 2019. We are confident of our delivery schedules and quality checks, as we do everything — design, engineering and construction — under one umbrella, [which is] our unique business style over the last 48 years,” says Menon.
Future neighbours
The apartments are being snapped up quite quickly, with the first phase sold out. The second phase only has a few units left. The recently launched third phase is 40 per cent sold, while villas launched in the first phase are mostly sold, according to the developer.
“It’s moving. This is an end-user, not an investor, project. Mainly for families here or coming from abroad are interested in the villas,” says Menon.
Menon, who moved from India to do business in the region since 1976 and has also acquired Omani citizenship, says Dubai offers plenty of opportunities, thanks to its modern infrastructure and facilities, as well as its safe and multiculture landscape.
“There is no better place in this region than Dubai; it lives in peaceful coexistence with the rest of the world, we are all safe,” he says.
Market conditions
Menon reckons that Dubai’s real estate market needs around 2.5 to 3 years to complete the negative cycle, before it spends around the same amount of time in the positive cycle.
“You cant expect to deliver all the time, but it’s not that there are no sales during the negative cycle. Depending on brand value, product and location and quality, even then some people can sell,” he says.
Future projects
Plans for an affordable housing project, which Menon reckons has to be below Dh1 million, has been on the drawing board for a while now. “The thinking is still on affordable homes, which is a very important aspect for any skilled developer in this part of the world. We’re looking but don’t have clarity yet on the land. We expect it to be somewhere within 15km from Burj Khalifa.”
In Oman, Menon reveals a mixed-use project would be coming up in Muscat.
“We have agreed with the Omani government in principle on the project. I expect clarity by end of December. It is a very emotional project for me.”