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Dubai-based commodity freezone DMCC announced on Tuesday that it has signed an agreement with luxury property developer Sobha Realty to launch Verde by Sobha, its first project in the Jumeirah Lakes Towers (JLT) district.
A DMCC statement said the agreement was signed by Francis Alfred, Managing Director of Sobha Group, and Ahmed Bin Sulayem, Executive Chairman and Chief Executive Officer of DMCC.
The new luxury development comprises seven podiums and 58 floors housing one- to- three-bedroom apartments, the statement said.
While the project cost wasn’t disclosed, the statement said Verde by Sobha is estimated to generate a sales revenue of 1.6 billion UAE dirhams ($436 million) and is scheduled to be completed by the fourth quarter of 2026.
Sobha Realty is currently developing Sobha Hartland, a luxurious freehold community spread across eight million square feet as part of the Mohammed Bin Rashid Al Maktoum City master development.
(Writing by Anoop Menon; Editing by Bhaskar Raj)
