B.K. Modi’s $10 mn penthouse hits headlines in Singapore

May 14th, 2009 - 5:48 pm ICT by IANS  

Singapore, May 14 (IANS) In recession-hit Singapore where property prices have dived due to the economic downturn, news of Indian billionaire Bhupendra Kumar Modi moving into a $10.5-million (Rs.525 million) penthouse has hit the front pages here.
Even though property prices dived since Modi bought the ultra-luxury flat last year, the founder of the entertainment and telecom major Spice Group says he is unfazed and plans to pump another $75 million worth of investments into the island state.

Little wonder pictures of Modi in his new penthouse were on the front page of the city’s leading newspaper The Straits Times Thursday, backed by a near, full-page article in the inner pages on his planned foray into the city’s entertainment sector.

The article also had details of the new apartment on the prime Marina Bay business area in downtown Singapore. “It is a home, I am not here to sell it,” he said about his new abode.

Modi has plans to invest the money in telecom, real estate and entertainment ventures in Singapore and among them is an ambitious proposal to create a Hollywood meets Bollywood style of entertainment centre in the upcoming resort, Marina Bay Sands.

Last year, Spice Corp relocated its global headquarters to Singapore, as part of Modi’s extensive restructuring of the group. He also acquired a permanent resident status here in August last year, moving his home base from Beverly Hills in California.

The full-floor penthouse with a spectacular 360-degree view of Singapore and surrounding islands has been listed as the most expensive apartment in the three-tower condominium - “The Sail @ Marina Bay”.

Modi said one of Spice Group’s new investment funds would focus on rehabilitating real estate and construction projects that have been delayed or abandoned due to paucity of funds stemming from the economic crisis.

His team is assessing some 20 projects that have run into problems with a view to reviving them despite the high risk involved.

“The world is going through a special situation,” says Modi, who follows the Buddhist faith and has authored several books on management. “You need people to take special risks. We are looking at 25 percent returns,” he says.

Chanting his mantra of “high risks, high returns”, Modi adds: “We are willing to wait two, three years.”

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