Bengaluru-based property developer Sobha on Thursday announced its first commercial project in the country with the launch of ‘Sobha City Mall’ at Puzhakkal in Thrissur, Kerala.
Bengaluru-based property developer Sobha on Thursday announced its first commercial project in the country with the launch of ‘Sobha City Mall’ at Puzhakkal in Thrissur, Kerala. The company which has notable presence in the contractual construction business is planning to open its second commercial mall in Bengaluru in two years.
Top officials of the company said that they hopes to do better in 2016 with a revival in the residential sector sales.
Ravi Menon, chairman, Sobha Limited told reporters that the revival of the economy and lowering of interest rates would bring buyers back in both commercial and residential sector.
“We believe that the worse is behind us and we are reasonably confident of doing better in 2016. It is relatively tough time for the sector and our contractual business revenue is on the lower side. But overall we are doing better in FY 16 having sold nearly 1.7 million square feet in the first half, a 10% growth year-on-year,” Menon said.
Sobha has presence in seven cities with a land bank of 2,000 acres. The company reported 33% decline in consolidated net profit at Rs40.1 crore for the quarter ended September 30, on lower sales.
Sobha City Mall in Thrissur has a built up area of approximately 4,50,000 sq ft comprising of three floors of shopping space along with a basement for car parking. It is designed to offer an array of retail, entertainment and recreation options with a 6-screen multiplex, restaurants, food court and a gaming arcade, officials said.
The ‘Sobha City’ township – in which the mall is located is spread over 55 acres.