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Fri 6 Feb 2015 01:44 AM

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Sobha eyes start of phase 2 of $4bn Dubai project in Q2

Developer says tenders for roads and utilities have already been floated for Sobha Hartland mixed-use project

Sobha eyes start of phase 2 of $4bn Dubai project in Q2

Sobha, part of the multinational Sobha Group, has announced that it will break ground on phaes two of its $4 billion mega project in the second quarter of this year.

The company, which is owned by Indian property magnate PNC Menon, said that tenders for roads and utilities have already been floated and bids from contractors have been received for its Sobha Hartland project.

The firm is carrying out most of the construction work on the site through its own contracting business.

The site will eventually include 282 four-, five- and six-bed villas, 18 low-rise, three mid-rise and nine high-rise apartment blocks, as well as a 150,000 sq m community centre, three hotels, a spa, two mixed-use towers, two schools, three mosques and a clubhouse.

These will be delivered in phases beginning in the first quarter of 2017.

The first of the schools, Sobha International Academy, represents the first phase of site works and will be completed by September.

The company said that it is also in the process of opening five international sales offices in London, Singapore, Riyadh, Doha and Kuwait City to target investors.

Vice-chairman Ajay Rajendran said: "We strongly believe that the economic fundamentals for Dubai are stronger than ever and, therefore, the initiative to open overseas sales offices strengthens our commitment to Dubai’s longer term real estate growth.”

In December, Doha Bank's Corporate Finance division said it had successfully closed a corporate finance deal of AED500 million ($136 million) with Dubai's Sobha Group, with a syndicated facility of AED800 million for its Sobha Hartland project.

The facility was arranged by Doha Bank with a five-year tenor and will enable Sobha Group to fund its expansion plans in Dubai, a statement said.

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