Financial Daily from THE HINDU group of publications
Saturday, Sep 21, 2002
Financial Daily from THE HINDU group of publications Saturday, Sep 21, 2002 |
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Industry & Economy
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Infrastructure UB city Phase I may be ready in 30 months Boby Kurian
BANGALORE, Sept. 20 THE first phase of UB city, a mixed-use real estate development project initiated by the UB group is likely to be ready for occupation in 30 months. The project will come up in the land at the corner of Vittal Mallya Road and Kasturba Road, made available by the closure of UB's Bangalore brewery. Kingfisher Properties & Holdings Ltd, a UB group company involved in the project, has entered into an understanding with Prestige Estates & Projects Pvt Ltd under which the latter will construct an initial 8,60,000 sq ft of commercial space. This development will be funded entirely by Prestige. Kingfisher Properties & Holdings Pvt Ltd will be entitled to 55 per cent of the completed area and Prestige will retain the balance 45 per cent. Sources said the UB group might shift its corporate office to UB city once the first phase was ready for occupation. It must be mentioned that there was an earlier proposal to house the group's corporate headquarters in another real estate development on St Mark's Road. When completed, UB city, covering 10-acre area, will have five medium and five high rise towers. "Only three acre will be devoted to the development of workspace, the rest will be home to refreshing green scape to complement the adjacent Cubbon Park," Kingfisher Properties & Holdings Ltd said in its latest annual report. "This Internet-ready, intelligent buildings will demonstrate how chrome, glass and green leaves can seamlessly blend between modern edifices and serene flora," the report added. The project, to be completed in phases, will house commercial offices, banks, high-end retail stores, a five star hotel, serviced apartments, restaurants, pubs, heath clubs and cafes apart from multi-level parking areas. "It will be a mixed-use development in the truest sense," thr report claimed. Approvals for the first phase are expected shortly from the municipal authorities and construction is scheduled to begin in the third quarter of the current financial year. The project team also includes Bangalore's acclaimed architecture firm, Thomas Associates, leading project managers, JTC (India) and structural consultants, Sterling Consultants, amongst others. It must be mentioned that UB group ventured into this real estate development with the objective of "unlocking and maximising" the value of its fixed assets.
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