PNC Menon says construction of Sheikh Zayed Road HQ project is set to start this summer
The boss of Dubai-based real estate developer Sobha Group has revealed plans to build a 60-storey tower on Sheikh Zayed Road that will become its new headquarters.
Expected to take four years to complete, construction will be carried out by Sobha’s in-house contracting arm and begin in July or August, Construction Week Online reported.
With a development value of $190 million, the skyscraper will have more than 6,500 sq m of office and 1,850 sq m of retail space, plus 140 luxury residential units, Sobha Group’s founder and chairman, PNC Menon, said.
The flagship skyscraper will be the tallest building Menon has overseen in his five-decade building career, which spans India and the Gulf.
“I want this building to be extraordinary and iconic in terms of its architecture,” he said. “I will only do a signature project once in my lifetime and this is going to be my flagship project,” Menon added.
“I am already 70 years old and for a man at his last part of his life, it is very emotional. Everything has to be super-perfect.”
Sobha's portfolio includes the $2.5 billion Sobha Hartland mega project. In October, it unveiled a new corporate identity in an effort to increase its share of the UAE property market by up to 5 percent.
He said Sobha will ramp up construction and handover activity to generate up to $680 million in revenue by 2021, adding that the 60-storey skyscraper may yield up to $272 million in revenue.