Financial Daily from THE HINDU group of publications
Thursday, Jul 21, 2005
Financial Daily from THE HINDU group of publications Thursday, Jul 21, 2005 |
|
|
|
|
|
Industry & Economy
-
Real Estate & Construction Purvankara, Singapore co form jt venture for residential projects Our Bureau
Bangalore , July 20 LEADING Singapore developer Keppel Land has formed a joint venture with Purvankara Projects to launch its first residential development project in Bangalore. The Rs 600-crore condominium, spread over 2.5 million sq. ft to accommodate over 1,000 apartments, would be completed by 2009. The joint venture Keppel Purvankara Pte Ltd, in which Keppel has taken 51 per cent stake, will have a fully paid-up initial equity of Rs 45 crore. Under the FDI regulation, a foreign partner has to chip in a minimum of $5 million for a joint venture. Keppel has invested a little over $5.1 million, said Mr Thomas Chan, General Manager (India). Addressing a joint press conference here on Wednesday, Mr Thomas said the joint venture, formed on Saturday, would be pursuing more projects in the city and explore opportunities in other metropolitan cities including Chennai, Hyderabad, Delhi and Kolkata. Apart from its first project Elita Promenade, Keppel Purvankara would be taking up another project in the city for which it has already acquired the land in Kanakpura area. The company proposes to develop a mix of villa and apartment complex on a 20-acre plot, Mr Girish Purvankara, Director, Purvankara Projects, said. Mr Purvankara said the joint venture has adopted the flagship brand name, Elita, and its first project Elita Promenade has been designed and conceptualised by RSP, a Singapore company. The 1,572-unit condominium would reflect international quality standards in terms of master planning, architecture, amenities and fittings. The first phase would be ready by December 2007.
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|