Dubai:
Indian developer Sobha Group is in talks with local and international banks to secure financing for its $4 billion (Dh14.69 billion) Sobha Hartland development in Dubai’s Mohammad Bin Rashid City.
Ajay Rajendran, Vice Chairman at Sobha Real Estate, told Gulf News in a phone interview on Sunday funding for the development will come from a combination of internal cash and bank financing. He declined to state how much would be funded externally.
Parent company Sobha Group has an annual turnover of Dh2.2 billion, according to a company statement.
Work has already begun on the site with construction underway on two schools in the new community, Rajendran said. The project was officially launched last week.
Sobha has targeted to complete phase one of the project by the first quarter in 2017. Rajendran declined to state how many phases there would be. However, he said the entire development is scheduled to be complete by 2020.
Phase one of the project includes 140 villas, a hotel, mid-rise apartments, the two schools, main infrastructure and green landscaping.
The Bangalore-based company is targeting professionals working in Business Bay and the Dubai International Financial Centre (DIFC) and their families, with the Hartland development. The new community is located 3 kilometres from Burj Khalifa.
