Kuwait-based group launches $500 mn project in KochiMay 1st, 2008 - 2:43 pm ICT by admin
Dubai, May 1 (IANS) Dewa Projects Pvt Ltd (DPPL), a Kuwait-based NRI backed infrastructure company, is entering the real estate market in the Indian state of Kerala with the launch of a $500 million waterfront project in Kochi. The project, called Dewa Royale, will come up at Marine Drive on a 1.4 million sq ft area in five phases consisting of high-rise condominiums, five-star hotel and a large shopping mall, said K. Venugopalan Nair, the DPPL chief promoter.
“DPPL will build 400 premium waterfront condominiums in the first phase, which will be completed by 2011,” reports quoted him as saying.
The project has been approved by the Union Bank of India and 11 other public sector banks.
DPPL will be assisted by US firm Lang Lassale as its property consultant and the Indian arm of CPG Singapore as the main architect.
Space planning will be carried out by X-Design Canada and all kitchens will be designed and supplied by the world’s largest kitchen manufacturer Scavolini from Italy.
“For a high profile execution of the project we have engaged well-known constructors CEMAX, who have years of experience in the field,” Nair said.
The new project is targeted at NRIs, persons of Indian origin (PIOs) and Indian businessmen.
The price of the luxury condominiums will range approximately between $1 million and $3 million or above depending on the category.
Nair said there was huge demand for luxury apartments in Kerala.
“In Kochi, the supply and demand are not at all on par. A huge demand is arising due to the rapid pace of IT development in the city. Only three percent of the demand for luxury apartments is currently met,” he said.
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