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Dubai-based real estate firm Sobha Realty is set to invest $600 million in the construction of approximately 700 homes in Texas, as part of its expansion plans in the United States. The company, which began its operations in the US last year, has acquired around 105 hectares of land in Celina and Frisco, two cities within the Dallas-Fort Worth metropolitan area.

Sobha Realty aims to develop these properties over five phases within the next five years, with the first 34 homes in Celina expected to go on sale in the following year, priced between $1 million and $1.5 million.

The CEO of Sobha Realty, Vipin Das, revealed that the company is securing funding for these projects through a combination of local debt and its own equity. Recently, the firm received approval for the first development loan for its first two projects from banks Bank7 and CCB, which he deemed as a positive development. The primary demand for housing in the area comes from residents and corporate employees, including a growing number of Asian community members in Frisco and a healthy mix of residents in Celina.

As families upgrade their living spaces and seek larger homes, Sobha Realty is well-positioned to cater to this demand, particularly as companies such as Goldman Sachs and the New York Stock Exchange establish regional offices in Dallas.

The trend of housing demand moving northward in Texas is on the rise, with Sobha Realty well-positioned to capitalize on this growth. The company is strategically located within the corridor of expansion, where cities like Frisco, Plano, and potentially Celina are experiencing development. Furthermore, Sobha aims to expand its presence across other US cities, targeting markets including Houston, Austin, Nashville, Phoenix, and Florida.

Houston and Austin are of particular interest, with Sobha exploring opportunities in both locations. Additionally, the company is looking to venture into the Australian market, having already acquired land in Brisbane and the Gold Coast, with construction set to commence next year following the necessary approvals. Sobha Realty, founded by PNC Menon, has been rapidly expanding in the UAE, with projects spanning Dubai, Abu Dhabi, and Umm Al Quwain.

In 2021, the firm launched a Dh40 billion residential project in Abu Dhabi, marking its entry into the emirate's residential sector. The company reported total sales of Dh30 billion last year, marking a 30% year-on-year increase, driven primarily by its projects in Dubai and Umm Al Quwain. Sobha Realty is currently in the process of expanding its property portfolio in Dubai, unveiling a Dh50 billion development in January.