Parsvnath likely to strike deals in Singapore

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New Delhi, Jun 20 (UNI) Realty major Parsvnath Developers Ltd today said it is in advanced stage to close transactions with the local firms of Singapore for real-estate and hospitality projects.

The firm has already incorporated a subsidiary in Singapore Parsvnath Developers Pte Ltd.

''We have got very good response from local developers and funds... and will close some of the transactions in the next few months,'' Parsvnath Developers Chairman Pradeep Jain told reporters here while announcing the quarterly results.

He said the margins in Singapore are equal to India, which is to the tune of 20-25 per cent and added that the tax component is very favourable.

Funds are easily available there, Mr Jain said and added that the firm is in talks with some large real estate firms and fund houses in Singapore.

He, however, did not divulge any details on the investment plans, but said Parsvnath will be the majority stake holder in the projects.

UNI SBA PDT BST1929

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