Sobha says Meydan City project could start by May
Sobha Group's PNC Menon says firm awaiting approval to break ground
India's Sobha Group says construction work on its $3bn project at Dubai’s Meydan City development could start within the next two months.
Sobha bought the land from Meydan Group in February last year. The development, comprising 280 villas, 13 high-rises, entertainment, retail complex and schools is to be spread across 743,000m2, next to Meydan Godolphin Parks on Al Khail Road.
PNC Menon, the founder and chairman of Sobha Group, was quoted in The National as saying: “We are just waiting for the final permission and we should be breaking ground hopefully in another two months.”
Menon said it would take about eight years to develop the entire project.
Funding for Sobha's project is coming from its own finances, as well as loans from banks. It aims to launch off-plan property sales for its development.
"Today, because of the economic prosperity of people in Africa, India, Pakistan, China, all those people are looking at a second home in Dubai. Dubai's population is very small," said Mr Menon.
"Dubai's real estate business is going to be one of the main verticals of the economy and the people will have to necessarily come from [overseas]. According to me, the future of Dubai - with the kind of infrastructure which has already been created - I find it's going to be a story for the next 20 years at least."
The group is also branching out into the hospitality sector. The plan is to break ground on its first hotel property in Dubai by the end of this year, Mr Menon said. Sobha has already registered a hotel company known as Strada.
Meydan City will feature the Meydan Freezone and four distinct sub-districts – Meydan Racecourse, where the Meydan Grandstand takes centre stage and is home to the Dubai World Cup; Meydan Metropolis, a series of state-of-the-art business parks; Meydan Horizons, where business towers intermingle with luxury waterfront developments, and Meydan Godolphin Parks, with its distinctive Godolphin Tower created in the image of a thoroughbred, where the shopping destination Signature Mall is located.