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Dubai: Indian developer Sobha Real Estate, whose annual turnover crossed Dh2.2 billion ($600 million), will increase its project portfolio by Dh2 billion to nearly Dh10 billion in two years, a top official said.
"With the current projects at hand, our portfolio stands at Dh7 to Dh7.5 billion spread over a few years, while we will add a few more projects that will raise portfolio by a further Dh2 billion," Ajay Rajendran, vice-chairman of Sobha, told Gulf News.
"We are developing a number of projects including three in Business Bay, one in Jumeirah Village South and one on Shaikh Zayed Road. Apart from that, we have bought two prime plots on the Waterfront, at the base of the Palm Jebel Ali where we will build two towers including a hotel."
The company, established in Oman in 1976 by PNC Menon - a South Indian expatriate entrepreneur - who built palaces in the Sultanate with intricate and detailed designs.
It later expanded in India where it has delivered 7 million square feet built-up area and having a further 11 million square feet under development. The company is developing a number of master-planned communities in 10 Indian cities, including Kochi and Bangalore.
Interests
Sobha Group has extensive interests in real estate development, civil and MEP contracting, factories for aluminium, façade glazing, joinery and concrete products.
Sobha Developers Ltd, a group subsidiary, has delivered over 15 million square feet of property in India, with 57 residential complexes in Bangalore alone.
"We are in the early stage of developing Shobha City - a 19 million square feet development that will be developed near the backwaters," he said.
"Currently we have 2,500 housing units under development. By 2012, this will triple to 7,500."
To ensure quality and finesse in projects, the company expanded its design, construction, mechanical, electrical, plumbing and interiors capabilities -while other companies outsource them to minimise costs and risks.
Sobha currently employs 22,000 people in India including 75 architects. It has entered the UAE a few years ago.
"Five years ago we began to look at the UAE market seriously," Rajendran said.
"We started entering the UAE market by setting up our own construction capabilities. We are engaged in a number of construction projects, including the Dh110 million Dubai Marina Yacht club. We have also established Architectural Metal Works in TechnoPark to help the construction industry," he said.
The company is also entering the hotel sector.
"By 2011, we will have four hotels up and running," Rajendran said.
"These will be Sobha-branded hotel chain. Eventually, we will have 11 Sobha hotels under operation in India, UAE and Oman within that time," he said.
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