The Hindu Business Line : New theme-based mall by Jan 2006

Construction work under way at the Chennai Citi Centre, a shopping mall on Radhakrishnan Salai in Chennai. The building, which will occupy 4,00,000 sq ft, is slated for completion in January 2006. — Bijoy Ghosh

Chennai , July 22

CHENNAI Citi Centre is the name of the city's newest shopping mall that is coming up on Radhakrishnan Salai.

Construction is under way and the mall is slated for completion in January 2006. The mall's promoters say that this will be the first-themed complex in the city, a concept that is catching on in other countries.

The project is being executed by Chennai Citi Centre Holdings (P) Ltd, a company floated by non-resident Indians associated with Emirates Trading Agency (ETA), according to a spokesman for the company.

The complex will occupy 400,000 sq. ft, of which 200,000 sq. ft will be for the mall and 100,000 sq. ft each for car park and offices. The total project cost, including the cost of the land, is about Rs 90 crore.

It is being financed by a number of banks and the promoters are confident that they will recover their investment in eight years.

The complex will come up on 49 grounds of land (about 117,600 sq. ft). It will have a two-tier basement car parking facility that can accommodate 500 cars.

Besides, the complex will have full power back-up, water and sewage treatment plants, and a building management facility.

According to the spokesman, Lifestyle, a retail chain, has signed up for 75,000 sq. ft of space; Inox Leisure Ltd for 35,000 sq. ft for a five-screen multiplex; and Landmark, a book store, for 25,000 sq. ft.

The rest has been booked by leading apparel, watches and accessories brands such as Arvind Mills, Pepe Jeans, Adidas and Titan watches.

The spokesman said that the lease rental would range from Rs 40 per sq. ft to Rs 100 per sq. ft.

Lifestyle is the anchor tenant for the retail section and Inox is the entertainment anchor tenant.

The promoters hope to attract software and business process outsourcing companies to take up space in the building.

Marketing the floors meant for the offices will be done only when construction is well under way, according to the spokesman.

He said that the shopping mall will have a French theme, with both the exteriors and interiors designed based on French architecture.

This will be a selling point for the building as it will be different from the glass, brick and mortar associated with shopping malls.

Fraser and Nag, a Dubai-based firm of architects, has drawn up the concept for the themed mall, which is being executed by a Chennai architect, Eskay Design.

More Stories on : Real Estate & Construction | Retailing | Tamil Nadu

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page