Sobha Realty to invest $600 million in construction of about 700 homes in Texas — The National

Dubai developer Sobha Realty plans to invest $600 million in the construction of about 700 private homes in Celina and Frisco, which are part of the Dallas–Fort Worth metropolitan area in Texas, United States. The company intends to deliver the projects in five phases over the next five years.

As The National reports, Sobha Realty began operating in the United States last year. The developer has 64 hectares of land in Celina and another 40 hectares in Frisco. Sales of the first 34 homes in Celina are expected to begin next year, with prices ranging from $1 million to $1.5 million.

Financing and demand

The projects will be financed through a combination of the company’s own capital and borrowed funds raised on the local market. Sobha Realty US CEO Vipin Das said that Bank7 and CCB had approved the first construction loan for the two initial projects.

According to Das, demand for housing in the North Dallas area is being driven by local residents and employees of companies relocating their offices to the region. Among the factors, he cited a new Goldman Sachs campus designed for 5,000 employees, the New York Stock Exchange’s regional headquarters in Dallas, and the relocation of telecommunications company AT&T’s base from downtown Dallas to Plano.

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According to the Texas Real Estate Research Centre, the number of closed home sales in Texas increased by 8.6% year on year in June, reaching 34,956. The average price of a home sold in the state was $342,900.

Further expansion

Sobha Realty is also considering expanding its presence in other US cities, seeking to establish a nationwide presence. The company is exploring construction opportunities in Houston, Austin, Nashville, Phoenix and Florida. Das noted that the developer is giving particularly serious consideration to Houston and Austin.

In addition, the company has acquired land plots in Brisbane and the Gold Coast, Australia. Construction there is expected to begin next year after the approval process is completed.