Indian billionaire B.K. Modi’s new home has Singapore talkingSeptember 7th, 2008 - 1:50 pm ICT by IANS
Singapore, Sep 7 (IANS) Indian billionaire Bhupendra Kumar Modi has bought a luxury penthouse for a whopping $10.75 million (over 15 million Singapore dollars) in the much talked-about Marina Bay area in the heart of the city.The founder and chairman of telecom major Spice Global, Modi became a permanent resident of Singapore on Aug 15. He plans to convert the 5,834 square feet flat into his new home when he moves house from Beverly Hills, California, early next year.
The whole-floor penthouse with a spectacular 360-degree view of Singapore and the southern sea, has been listed as the most expensive apartment in the three-tower condominium complex known as ‘The Sail’.
Although not among the most expensive residences in Singapore, the Sail tower trio has been listed among the 10 tallest residential buildings in the world and the tallest residential development in Singapore. Modi’s apartment will crest the 63-storey tower.
Marina Bay in central Singapore is fast becoming the hub for some of the city state’s newest super-luxury condominiums promising a waterfront lifestyle.
The four-bedroom flat, on a 99-year lease, has a lap pool and a private terrace garden. Modi plans to spend another couple of million dollars on the interiors when the condominium is completed in 2009.
Modi has two other luxury flats in Singapore, both in prime locations near the uber-chic Orchard Road, the city’s high-end shopping district. He also has another penthouse in Sentosa Cove, an exclusive weekend hide-out on Singapore’s Sentosa island resort. Modi’s son, Dilip Modi, is expected to move into one of the two city apartments since Spice has set up its new global headquarters in Singapore.
Apart from the residential apartments, Modi’s company owns numerous commercial properties and two guest houses across Singapore.
Among other ventures on his agenda, Modi has recently announced plans to move into the real estate market in China. He is also toying with setting up a holistic spiritual centre in China.
Market watchers say Modi is currently flush with funds, having sold his stake in Spice Communications to the Aditya Birla group for nearly Rs.27.5 billion (over $600 million).
The past year has been a busy one for him with the overall restructuring of his company from a traditional manufacturing enterprise to a technology driven global venture.
He has also announced his succession plans with his children taking charge of the telecommunications, finance, entertainment and technology divisions of the conglomerate.