SOL Properties plans $3.27bln projects in Dubai

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UAE - SOL Properties, a leading real estate developer in the UAE and the premier real estate development arm of the Bhatia Group, has announced plans to launch a series of high-end projects with an anticipated gross development value (GDV) of AED12 billion ($3.27 billion) in the next six months.

These projects are expected to significantly impact the UAE real estate market, setting new standards for luxury and efficiency, while contributing to the country’s overall economic growth, said the company.

The ambitious expansion builds on the 50-year legacy of the Bhatia Group in the UAE. The company is a pioneering force in Dubai’s property development and construction sector, driven by the vision of Ajay Bhatia, Chairman of Bhatia General Contracting, and Founder and CEO of SOL Properties. The anticipated growth and recent achievements of SOL Properties are a testament to Bhatia Group’s commitment to architectural excellence and creative ingenuity, it said.

SOL Properties has acquired 4 million sq ft of prime land for ultra-luxury projects and affordable luxury projects. The ultra-luxury developments include a new development in the West Crescent of Palm Jumeirah and the prestigious Fairmont Residences Solara Tower Downtown Dubai. Combined, these two projects are valued at AED8.2 billion.

Moreover, SOL Properties recently completed and handed over the affordable luxury project, Oakley Square Residences in JVC, which has been fully sold. The project’s successful completion underscores the developer’s unwavering commitment to delivering high-quality residences that align with market demand.

The developer’s landbank includes plots across major locations in the country with 2 million sq ft in flourishing areas such as Jumeirah Village Circle (JVC), Jumeirah Village Triangle (JVT), along with a 500,000 sq ft plot in Abu Kadra. These purchases boost SOL Properties’ potential to build more significant projects in the future and expand their presence in the UAE’s most sought-after locations while meeting the evolving market trends and consumer demands, it said.

Ajay Bhatia said: “At SOL Properties, our real estate development strategies go beyond acquiring prime lands as we seek to develop our own projects, which further underscores our 50-year-long legacy of trust, excellence and integrity under Bhatia Group. Over the years, we have closely witnessed the UAE’s growth and have progressed along with the country by contributing towards its development. Our legacy, which is the hard work of our team of experts over the years, is reflected through our projects developed for both government agencies and private clients. As we strive to exceed the projected GDV and align our objectives with an evolving sector and changing market preferences, we are excited about our forthcoming projects and plans. Through each project, we seek to uphold our longstanding legacy in the industry by adhering to the highest quality and innovative standards, further delivering exceptional value to the country.”

With a portfolio of over 250 transformative projects, Bhatia Group has secured a distinguished position in the industry for its project planning and construction, environmental impact assessment, design and safety management, he added. -TradeArabia News Service