Dubai-based Sobha Realty capped off a successful year in 2023, recording its highest sales ever at Dh15.5 billion. This impressive performance reflects a 51% surge in sales across the company’s diverse portfolio of residential and commercial properties in Dubai. Notably, Sobha Realty achieved its ambitious sales target of Dh15 billion and has set a new goal of Dh20 billion for 2024.
This growth is attributed to the strong demand for Sobha Realty’s luxury properties and their commitment to delivering high-quality developments. Further solidifying their market position, the company delivered 1819 units ahead of schedule across two completed projects in 2023. This achievement is estimated to have secured Sobha Realty a market share of nearly 10% by value in Dubai for the year.
Sobha Realty’s financial strength is further bolstered by the credit ratings of ‘BB-‘ from S&P Global Ratings and ‘Ba3’ from Moody’s, both awarded to their holding company, PNC Investments, in 2023. Additionally, their successful issuance of a $300 million Sukuk last year demonstrates their ability to attract global investors.
Publish Mar 04, 2024
Source: https://gulfnews.com/business/corporate-news/sobha-realty-2023-sales-at-all-time-high-with-record-dh155b-in-bookings-1.1709569989252
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