Sobha for integrated township
Sobha Developers Limited (SDL), leading real estate and construction company, recently announced that it has entered a joint development agreement with QVC Realty and Chintels India Ltd, flagship company of the Chintels Group, to develop a 192-acre integrated township in Gurgaon.
The integrated township would be strategically located in sectors 106-109 and well connected to Delhi and Gurgaon by two proposed sector roads and 150m wide road from Dwarka to Reliance SEZ/NH-8.
The site will further be connected by Delhi Metro under Phase III. The township will offer a combination of modern city infrastructure and ideal business/residential environment comprising single family homes, apartments and commercial retail office in accordance with the HUDA guidelines.
Sobha will be the lead developer for this township located south of Dwarka and Indira Gandhi International Airport. The total development will be in excess of 6.5 million square feet and will possibly be one of the largest of its kind in Gurgaon. The projected investment is expected to be approximately 2000 crores.
About Sobha Developers Limited: Sobha Developers Ltd is a recognised leader in the real estate development business, delivering international quality products of superior finish and services through benchmarked practices.
The company was incorporated in 1995 under the chairmanship of Mr PNC Menon. It is an ISO 9001 company since 1998 for adhering to global standards in quality.
Sobha Developers has a unique business model where backward integration of all its processes has been the key driver for its high standards in quality.
As of September 30, 2007, Sobha has completed 42 residential/commercial in-house projects and 104 contractual projects covering about 19 million square feet of area. It currently has 66 residential/commercial ongoing projects. Contractual projects have been constructed by Sobha Developers in Karnataka, Kerala, Andhra Pradesh, Orissa, Tamil Nadu, Punjab, Haryana and Maharashtra.
About QVC Realty : QVC Realty (QVC stands for Quality and Value for the Customer), is involved in developing world-class real estate properties across various destinations in the country.
Initially the company will operate in about 12 markets including tier I cities like Delhi NCR, Bangalore, Hyderabad, Pune, Mumbai, Kolkata and Chennai and tier II cities like Chandigarh, Nagpur, Vadodara, Ahmedabad, Indore and Cochin. The development projects will cover a range of residential, commercial office, commercial retail, hospitality, mixed-use and integrated townships and SEZs.
About Chintels Group : Chintels Group is an established real estate player in Delhi National Capital Region (NCR). The Chintels Group of companies owns, develops and operates commercial real estate with significant land holdings in Gurgaon region.
Asia Pacific investment report
For the second year, property consultants Cushman and Wakefield have partnered with MIPIM Asia to produce the 2007 Asia Pacific investment report. MIPIM Asia, the world’s property market in Asia Pacific, will be held at the Hong Kong Convention and Exhibition Centre from November 28 to 30.
Covering Australia, China, Hong Kong, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam, the report provides a broad overview of the key factors—risk assessment, regulatory changes, economic prospects, return expectations and market trends—that play a major part in property investment decision-making.
Highlights of the 2007 Asia Pacific investment report include:
1. The Australian office, industrial and retail markets are all expected to perform strongly over the next 12 months.
2. Overseas property investors in China will start looking at a broader range of product types and investment scenarios and a much wider range of geographical locations.
3. India’s hospitality sector is expected to emerge as a key area for investors over the next few years, due to a demand-supply imbalance and a lack of quality infrastructure.
4. A resurgent Japanese economy and strong demand from investment funds, particularly foreign funds, is driving commercial land prices upwards.
5. There is a new sense of optimism in Singapore brought on by an improving economy, emerging high-impact tourism and iconic real estate projects.
6. A revised Korean REITs Act will lessen stringent conditions placed on establishing REITs and is expected to significantly increase the REITs market share.
To access the 2007 Asia Pacific investment report, visit www.mipimasia.com
NSEW project concludes early
Soma Enterprise Limited, a leading infrastructure developer, announced that it has completed and handed over to NHAI, the Porbandar-Bhiladi project on NH-8B, six months ahead of its scheduled completion. The project has been executed by Soma Enterprise in JV with Limak Construction Industry and Trade Inc. The work on Porbandar Bhiladi, first stretch on the Silchar-Porbandar (East-West) corridor of the North-South-East-West corridor, commenced in March 2005 and was scheduled for completion in November 2007.
Work on the Rs 193 crore-project was slated to be completed within 33 months, by November 2007. The project included four laning of the 50.5 km stretch on NH-8B from 2 km to 52.5 km. The project also includes construction of a bypass (8 km), service road on each side (18 km), 2 major 2-lane bridges and 40 minor 2-lane bridges, 8 underpasses, 52 culverts and 20 bus bays.
Soma Enterprise Ltd’s experience in road projects includes execution of AP-18, NH-5 and Nellore Bypass, NH-5, both part of the Golden Quadrilateral. Both of these projects have been completed by Soma Enterprise before scheduled time. AP-18 was the largest contract in terms of length on the Golden Quadrilateral Project to be awarded as a single contract (84.5 km) whereas, Nellore Bypass is the first BOT (Annuity) project to be completed amongst all such projects taken up by NHAI.
