The Hindu Business Line : XS Real Properties plans hospitality sector foray

Diversification
IT Park at Sholinganallur, a joint venture with Appaswamy Real Estates.
Plans budget hotels, service apartments in Bangalore, Mysore, Hyderabad, Kochi and Coimbatore.

Chennai June 25 XS Real Properties Pvt Ltd, which has tied up with the Government of Singapore Investment Corporation for a township project near Chennai, is planning to diversify into the hospitality industry and focus on township and IT park projects.

XS Real Properties, through a special purpose vehicle, Helios Estate Pvt Ltd has tied up with the Singapore Investment Corporation to set up 1,100 apartments at Padur on the Old Mahabalipuram Road. The built-up area would be 1.67 million sq. ft with an estimated development value of about Rs 425 crore.

According to Mr P. Athmanathan, Chief Executive Officer, XS Real, the project is at an advanced stage of approval from the town and country planning authorities.

A 5.6-lakh sq. ft IT Park, a joint venture with Appaswamy Real Estates, another Chennai-based developer, is ready for fit-out at Sholinganallur on the IT corridor, he said.

Another project on Mount Poonamallee Road, fast becoming a hub for IT companies, will develop 430 apartments with an investment of over Rs 300 crore.

XS Real Properties plans to set up budget hotels and service apartments in cities such as Bangalore, Mysore, Hyderabad, Kochi and Coimbatore. One service apartment is in the final stages of completion and is to be launched soon, he said. The location would be announced at the time of formal launch, he said.

The company has a two-acre property on the Velachery-Tambaram road, where it plans to set up a hotel. It hopes to tie-up with an operator over the next 3-6 months, Mr Athmanathan said.

The Government of Singapore Investment Corporation is a $100-billion global investment company. It has property investments in the US, Europe and Asia, and XS Real Properties is its first Indian partner.

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