Indian developer Sobha Group has bought an eight-million sqft land from the Meydan Group to develop Sobha City, and its first project will be announced in the last quarter of 2012.
The Sobha Group is a multinational development and services firm owned and operated by internationally acclaimed developer PNC Menon.
It will be a mixed-used development, which will be completed in eight years, Sobha Group chairman PNC Menon told a news conference in Dubai on Sunday.
“We have completed and handed over our all four projects in Dubai and now we will focus on this project,” Menon told Khaleej Times.
Both of the groups did not disclose the value of plot and other details of the project and said: “It’s confidential.”
Regarding financing of the project, Menon said: “The debt portion will be lower as the least debt would be better.”
This strategic relationship by Menon’s Sobha Group will provide a long-term commitment to development in Dubai. Incorporated in 1995 by Menon, the Sobha Group has grown under Menon’s progressive vision and has significant operations in India and throughout the Middle East including the UAE, Oman, Qatar and Bahrain.
Talking about the largest sale of Meydan City offerings to-date, chairman Saeed H. Al Tayer said: “This investment and the commitment of PNC Menon is an indication of the international confidence in Dubai and its significant infrastructure.”
Their commitment to quality and innovation complements the goals for Meydan City and all of Dubai, Al Tayer said.
The land area, to be developed by the Sobha Group, will carry the project title of Sobha City and will be located adjacent to Meydan Godolphin Parks, one of the four sub-districts of Meydan City situated along Al Khahil Road.
Menon said: “I have always believed in Dubai and even during the most trying times of the recent past, I have always believed in the future of Dubai. Dubai is one of the greatest international cities of the world.” The quality of infrastructure created here is second to none, the added.