Indian real estate major Sobha Group plans to announce a regional portfolio of over Dh2 billion ($544 million) by the middle of 2008 in the Middle East.

This will include a range of commercial and residential properties at premium locations in Dubai, the company said in a statement.

Meanwhile, the group is making rapid progress with its first two commercial projects in Dubai. Construction is now in full swing at Sobha Ivory I and Ivory II towers at Business Bay, the company added.

Sales on both projects were completed eight months ago.

The modern business towers, which offer office, commercial and retail space, have been sold on a freehold basis.

“Sobha Ivory I and II marked our entry into Dubai as a property developer and we are thrilled by the phenomenal success of these two projects, selling out in record time,” said Ajay Rajendran, vice chairman, Sobha Group.

“Sobha Group has long had a presence in the Middle East. Our company chairman, PNC Menon established the Services & Trade group in Oman in the 1970s, specialising in interiors outfitting. Today, the focus of the group is to become a leader in the field of property development. The success of Sobha Ivory I and II is our first step on this journey,” Rajendran added.

Located on the waterfront, the commercial developments of Sobha Ivory I and II offer high speed Internet connectivity, well designed office spaces - all with onsite bathrooms and pantries, aimed at maximising business productivity.

“Sobha Ivory I and II make an imposing presence on the Business Bay, thanks to their inspiring exteriors and prime location,” Rajendran explained.

Sobha has ventured into the residential market with its first, residential project - Sobha Daffodil. The 178-apartment development, located in Jumeirah Village South, offers roof top garden, large temperature controlled swimming pool and fully equipped Club House, and offers a selection of apartments ranging from studio to three-bedroom units.—TradeArabia News Service