India’s Sobha Group has confirmed its intention to develop Meydan Sobha City, setting a schedule for the multi-billion-dollar project set to be built next to Meydan Godolphin Parks on Al Khail Road.
The development, comprising 280 villas, 13 high-rises, entertainment, retail complex and schools and spread across 743,000m2, will be the largest project to be launched in Dubai in the last four years.
“We will start construction of infrastructure and villas by early next year, but the project launch will possibly be a little later,” Sobha vice chairman Ajay Rajendran told Emirates 24|7.
“We have just 280 villas to sell. it’s a very small number compared to large villa communities built here,” Rajendran said, adding, “the market seems to be very strong at the moment with increasing number of end-users and hence we are confident of selling due to our project’s location and the superior quality that we are known to deliver.”
Although Ranjendran did not reveal the overall cost, he hopes to complete the entire project in a phased manner over the next 10 years.
“The costs are substantial, but the important thing is to time the project to the needs of the city. We don’t want to add to the imbalance that we are currently witnessing. It is essential for us to bring it to the market only when the demand is there,” he said.
The Group has also ensured credit lines are in place before the project’s official launch to ensure that the project gets completed on time.
“We have tied up with international banks. They are supporting us because they are aware of our track record. They are comfortable as they know ‘we are serious players’.”
Rajendran believes the market here needs at least 15,000 to 20,000 new units every year in order to meet the needs of growing population, in line with statistics released earlier this year by Merrill Lynch.
Sobha Group was established by group chairman PNC Menon in 1995.
The company has 38 residential projects, covering a total of 218 hectares and 42 ongoing contractual projects in various stages of construction, covering an area of just under 86 hectares.
In Dubai, Sobha has developed four projects to date – three commercial and one residential.