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Our Bureau

Bangalore, Sept. 11 Phoenix Mills Ltd has announced its first mixed-use retail-led destination in Bangalore, Phoenix Market City, to be located at Whitefield, at an investment of Rs 645 crore.

The construction of the 29.54-lakh sq. ft mall has commenced from February 2008, said Mr Tony Ward, Chief Operating Officer – Leasing, Phoenix Mills Ltd. It is expected to be ready by January 2010.

The land for this project — 14.46 acres — was acquired at Rs 170 crore, funded through equity. The rest of the investment would be sourced through debts from seven banks, the lead bank being Corporation Bank.

Promoters of this project include Phoenix Mills Ltd, Horizon Ventures, HBS Realtors, Pinnacle Real Estate Development Pvt Ltd and Sharyans.

The private equity players involved are IL&FS Group and Edelweiss Real Estate Advisors. The project is expected to break even in about six years, Mr Ward said.

Describing this “a city within a city,” Mr Indraneel Majumdar, the project director, said that the total retail area at this mall would be about 10 lakh sq ft, including a 1.5-lakh sq.ft hypermarket, 204 small-format stores, and 1.2-lakh sq ft food and beverages space.

There would also be an eight-screen multiplex spread over one lakh sq ft, with a capacity of about 2,700 seats.

The multiplex operators are yet to be finalised, he added. Phoenix Market City would also have a 4.15-lakh sq. ft, 315-room five-star hotel — Hyatt Regency — in the complex, and over 2.45 lakh sq ft commercial space.

Speaking on the sidelines, Mr Majumdar said that the second Phoenix Market City in Bangalore, to be located in Rajaji Nagar, would be announced in a few months. About 15 acres have been acquired for this project and it would see development of 25 lakh sq ft.

Instead of a commercial space, this project would see residential development of seven lakh sq ft aimed at the “global Bangalorean,” he said. “When launched, it would break all the price barriers in that locality,” he added.

The hotel partner for this project is yet to be finalised, he said.

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