An Indian billionaire property developer has arrived in the UK to set up shop in London and says he wants to be a major new player in the UK within three to four years.
PNC Menon, who is a major house builder in many Indian states, Dubai and Oman, has opened a huge sales office ‘studio’ for his company Sobha Realty on London’s Park Lane at the site of Foxtons’ former flagship 4,800 sq ft branch.
He aims to establish a £400 million turnover business in the UK by 2023 building apartments in the luxury market initially in central prime London.
His firm then plans to move outside the capital and into the more affordable new homes sector, if all goes to plan.
Sobha Realty’s arrival in the capital means the UK’s property market is to have a significant and well-funded new entrant to the new homes sector for the first time in decades.
The 70-year-old dollar billionaire and his £270-million turnover company have considerable resources at their disposal including 3,700 employees around the world.
But he says the company will be using UK contractors to build his first developments in central London supported by a team of in-house architects.
Sobha Realty says it will also be looking for UK property industry partners and plans to eventually list on the London Stock Exchange.
“London is a world city, with last year over 40 million visitors travelling to the capital for business and leisure, so this studio showcases our brand to the world,” he says.