Sobha Realty, a developer based in Dubai, has announced plans to invest $600 million in the construction of approximately 700 private residences in Texas. The projects are located in Celina and Frisco, both within the Dallas-Fort Worth metropolitan area. The company intends to complete the development in five phases over a five-year period.
Sobha Realty began operations in the United States last year. The developer currently holds 64 hectares of land in Celina and an additional 40 hectares in Frisco. Sales for the first 34 homes in the Celina project are scheduled to start next year, with pricing set between $1 million and $1.5 million per unit.
Vipin Das, the CEO of Sobha Realty US, stated that the projects will be funded through a mix of the company’s internal capital and local debt. He noted that Bank7 and CCB have approved the initial construction loan for the first two projects. Das attributed local housing demand to residents and workers associated with corporate relocations to the region.
He specifically cited the new Goldman Sachs campus, the New York Stock Exchange’s regional headquarters in Dallas, and AT&T’s move of its base from downtown Dallas to Plano as key drivers.
The developer is also evaluating opportunities to expand its footprint in other U.S. cities, including Houston, Austin, Nashville, Phoenix, and Florida. Das indicated that Houston and Austin are receiving particular attention for potential future developments. Additionally, the company has secured land in Brisbane and the Gold Coast, Australia, where construction is expected to commence next year following the completion of approval processes.