The top boss of Dubai-based real estate developer Sobha Group has revealed plans to build a 60-storey tower on Sheikh Zayed Road that will become its new headquarters.
Expected to take four years to complete, construction will be carried out by Sobha’s in-house contracting arm and begin in July or August 2019.
With a development value of $190m (AED700m), the skyscraper will have more than 6,500m² of office and 1,850m² of retail space, plus 140 luxury residential units, Sobha Group’s founder and chairman, PNC Menon, told Construction Week.
The flagship skyscraper will be the tallest building Menon has overseen in his five-decade building career, which spans India and the Gulf.
“I want this building to be extraordinary and iconic in terms of its architecture,” he said. “I will only do a signature project once in my lifetime and this is going to be my flagship project,” Menon added.
“I am already 70 years old and for a man at his last part of his life, it is very emotional. Everything has to be super-perfect.”
Sobha's portfolio includes the $2.5bn (AED9.1bn) Sobha Hartland megaproject. In October 2018, it unveiled a new corporate identity in an effort to increase its share of the UAE property market by up to 5%.
Under Menon’s “aggressive growth” plan, Sobha will ramp up construction and handover activity to generate up to $680m (AED2.5bn) in revenue by 2021. Menon said the 60-storey skyscraper may yield up to $272m (AED1bn) in revenue.