Sobha City sparks return of mega-projects
Mixed used project in Meydan City to be developed by Indian real estate developer
Sobha City, the 743,224m2 mixed use development in Meydan City, signals the return of mega-projects to the Dubai property market, the vice-chairman of the Sobha Group said on Monday.
In a report by Emirates 24/7, Ajay Rajendran said that the multi-billion dollar project, which is located adjacent to Meydan Godolphin Parks, along Al Khail Road, will be developed by the Indian owned Sobha Group. It will be the largest project 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,” he explained.
The project consists of 280 villas, 13 high rises, garden apartments, a shopping mall, hotels, a retail complex and international schools.
“We have just 280 villas to sell, it’s a very small number compared to large villa communities built here,” Rajendran said. “The market seems very strong at the moment with increasing number of end-users and hence we’re confident of selling due to our project’s location (on Al Khail Road).”
Sobha City is built approximately four kilometres from Dubai Creek, in Meydan City, which features the Meydan Free Zone and four distinct sub-districts – the Meydan Racecourse, Meydan Metropolis, Meydan Horizons and Meydan Godolphin Parks.
Rajendran said that the project aims to be completed in a phased manner over the next 10 years, though he declined to reveal the overall cost.
“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 told the news website.
As such, he said that the project has ensured that credit lines are in place before its official launch, thereby making sure it is 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 (in the market).”