Industry & Economy
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Real Estate & Construction
Sobha group plans to build mega mall in Bangalore
Our Bureau
Bangalore
,
March 17
THE Rs 1,000- crore Sobha group, which specialises in commercial, residential and office projects, has announced its foray into retail infrastructure development with a proposal to set up `Sobha Global Mall' in the city.
The complex is to be developed jointly with Davanam Construction Pvt Ltd, promoted by the former Urban Development Minister, Mr D.K. Shivkumar.
The project would consist of a 192-room hotel, an ice-skating rink, a contemporary business tower and a convention centre, said Mr P.N.C. Menon, Chairman of Sobha group.
Addressing a press conference here on Thursday, Mr Menon said the Rs 1,500-crore project would be developed by Sobha group from its internal resources and debt. However, he added, the proportion has not been finalised.
Davanam Constructions, which owns the land, would be given a certain percentage of the developed property, said Mr Menon, adding that Sobha intends to run the mall and the additional facilities by itself. The retail complex would have an aggregate of one million sq.ft while the remaining space would be occupied by other facilities.
The totally integrated mall complex, which will be developed in about two years on a 16-acre land bought over by Davanam in an auction, would a have modular mix of hyper market, home store selling furniture and household fittings, hotel, amusement centres with large screen multiplex and would have a parking facility for 4,500 vehicles, said Mr Menon.
This is the first time that the company would be entering the hotel business directly, though it has built hotels for its customers. Mr Menon said Sobha would be looking for a tie up with a marketing brand rather than a management brand for its hotel.
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