HomeNewsDeal signed for developmnt of Verde by Sobha in Jumeirah Lakes Towers,...

Deal signed for developmnt of Verde by Sobha in Jumeirah Lakes Towers, Dubai

A major deal has been signed for the development of Verde by Sobha at Jumeirah Lakes Towers (JLT) in Dubai.

The deal has been signed between Sobha Realty, UAE’s leading luxury real estate developer, and DMCC. The latter is the world’s flagship free zone and the Government of Dubai Authority on commodities trade and enterprise. 

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Particularly, Francis Alfred, Sobha Group’s Managing Director signed the contract with the CEO and Executive Chairman of DMCC, Ahmed Bin Sulayem on behalf of their respective companies. 

Features and amenities of the Verde by Sobha in Jumeirah Lakes Towers

The development which will be the developer’s first ever within the JLT district will have 59 stories. It will feature seven podiums with a range of units from one to three-bedroom apartments. The units will range from 769 to 2,194 square feet.

Read Also: Main works construction contract for Cavalli Tower in Dubai Marina awarded

Furthermore, Verde by Sobha at Jumeirah Lakes Towers will include amenities such as relaxation facilities, a gym at the podium levels, and BBQ spaces. Additionally, it will also include swimming pools, F&B, and retail offerings at the ground level alongside multipurpose halls.

Remarks on this milestone 

Sobha Group’s Managing Director noted that through Sobha’s experience and design capabilities, Verde by Sobha at Jumeirah Lakes Towers (JLT) will exhibit its signature style as well as sophistication. 

Its interior designs strive to offer elegance and space. Additionally, it will offer stunning views of the Dubai Marina, the Arabian Gulf as well as the Emirates Golf ClubAdditionally, Alfred also said that the project will benefit from the company’s unique ‘Backward integration’ model.

In a nutshell, the approach leverages the full suite of Sobha’s in-house talent from development to design. 

Expectations for the development

Reportedly the project is expected to be completed by the fourth quarter of 2026. Prices will start from $544,416, approximately, AED 2 million, onwards. At an estimate, the development will potentially generate sales revenue of $435 million, about AED 1.6 billion.

Ahmed bin Sulayem revealed that the company had over $1 billion in sales last year. As a result, the company remains to be one of the most iconic premium real estate developers in Dubai. 

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