Sobha Group plans one more large-scale project in Dubai which cost, by estimates of the company executive, is estimated more than at $5,5 billion.
The founder and the chairman of the Sobha Group PNC company Menon told about implementation plans of one more large-scale project in Dubai with an estimated cost of 21 billion dirhams ($5,7 billion).
He told: "We will provide it within the next three-four months. It is in Dubai. The size is huge. It is more, than District One [400 thousand hectares in Mohammed Bin Rashid City]. We hope that we will be able to make the statement for it at the beginning of January. It is what we aim at."
Sobha Group works on District One construction in Mohammed Bin Rashid City within joint business with Meydan Group now. The company also develops the own project estimated at $4 billion — Sobha Hartland. In April of this year the builder also announced the future joint business with the government of the emirate of Umm-al-Kuveyn within a construction on the island of Al Sinniyah. The cost of this undertaking fluctuates within $6,8 billion.
Mister Menon told that addition of the fourth project in the list of the planned works in Dubai allows to judge employment of Sobha in the UAE for 10-12 years ahead. The company also keeps projects in the market of nine Indian cities.
"We — a brand number one in India. It would be desirable to hope that, being beginners here, in three-four years we will be able to understand the place from the point of view of a brand provision. I feel that by 2019-2020 with completion of [projects] we will be able already to become the known brand" — mister Menon shared the thoughts.
Sobha Group also started recently 24 townhouses along the Dubai channel within Sobha Hartland where the first 46 country houses and 361 apartments of the company are based. Upon termination of works 5,8 thousand residential units will be started here, 161 of which the others will be provided by country houses and townhouses, and — apartments. Most of them will be developed directly Sobha, but in this area sites for third-party builders are also provided.
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