Indian developer Sobha Group has obtained 8 million square feet of land at Dubai’s Meydan City for an undisclosed amount to build a mixed-use project.
The project, Sobha City, will be located at Meydan City’s Godolphin Parks area 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," Al Tayer said at a press briefing.
"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] PNC Menon is an indication of the international confidence in Dubai and its significant infrastructure," he said.
Details of the project, including the sale value of the property and the development value of the proposed Sobha City, were not revealed.
Company officials said the project is scheduled to be completed in 8-10 years.
Menon, the owner of the group, is a non-resident Indian (NRI) businessman from Kerala. "The scale of development and opportunities that are available in Dubai continues to attract the international market," he said.