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India's Sobha group buys land in Dubai's Meydan for mixed-use project

Dubai, Mon, 06 Feb 2012 ANI

Dubai, Feb 6 (ANI): Indian developer Sobha Group has obtained eight million square feet of land at Meydan City in Dubai for an undisclosed amount to build a mixed-use project, officials have said.


The project, Sobha City, will be located at Meydan City's Godolphin Parks area, near Al Khail Road, and will include a cluster of luxury signature villas.


Saeed H. Al Tayer, chairman of Meydan Group, said the deal reflects renewed investor interest in Dubai's real estate sector.


"This is the biggest sale that we have concluded so far and it reflects a new era in the development of Meydan," Gulf News quoted Al Tayer, as saying.


"This is a pivotal step in the overall development of Meydan City and we are pleased to forge this relationship with the Sobha Group. This investment and the commitment of [Sobha Group chairman] P.N.C. Menon is an indication of the international confidence in Dubai and its significant infrastructure."


"Under his leadership, Sobha Group has achieved an impressive record of success and creativity. Their commitment to quality and innovation complements the goals of Meydan City and all of Dubai. We are pleased to welcome Sobha Developers, as we welcome a new era of development for Meydan and Dubai," he added.


The Grandstand, the centrepiece of Meydan City, was reportedly built in record time with Dh10 billion, despite challenging situation.


Al Tayer said that as the infrastructure is in place, future development will be with less infrastructure works.


"Going forward, we will have to invest less on infrastructure," he said. (ANI)


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