Sobha Group to set up residential projects in London

Realty firm Sobha Group plans to expand its international footprint in the European market by setting up residential projects in central London, a top company official said.
The group currently has operations in India and Dubai.
"Mumbai, Delhi, Bangalore, Dubai and London are all cyclical real estate markets but sustainable. We have established ourselves as a leading developer in India and now we want to take the brand 'Sobha' to other global markets," Sobha Group Chairman PNC Menon told PTI here.
Globally, it currently has two projects in Dubai -- District One, a premium luxury development and Sobha Hartland, mixed-use freehold development.

The two projects have the potential of USD 12 billion worth revenues, with District One contributing nearly USD 8 billion.
"We have already launched the first two phases of District One and phases three and four will be soon launched and we expect by 2020, the entire project will be delivered.

"Similarly, we expect to deliver Sobha Hartland, the USD 4 billion project of 282 off-plan villas and 1,800 apartments, by 2023," he said, adding the company is also planning to develop another large project worth USD 8 billion in the city.
In London, Menon said the company has identified six locations where it will develop residential projects.

"We have already set up an office in Mayfair and also tied up with a European firm. We have established an entity Sobha Europe that will implement these projects in central London," he added.
Menon further said over the next five years, the company expects to generate nearly USD 1 billion worth revenues every year from its businesses in London and Dubai.
"With a potential of USD 12 billion in Dubai projects and USD 5 billion in London projects, we expect to generate near USD 1 billion year-on-year over the next five years," he said.