Century Group to foray into construction

Bangalore, Oct 13 (UNI) The city-based Century Group, with three decades of experience in development and sale of land, today announced its foray into construction activity and launched its first project - a residential complex in the city.

Throwing its hat into the ring dominated by premium builders, the Group had planned big projects here. It currently had over five million sqft of development under progress with various leading builders in the city, including townships, malls, commercial complexes, residential developments and SEZ. Its latest contribution, Rs 24 crore worth Century Corbel, was a range of two and three bedroom apartments located on a two-acre property.

Group Managing Director P Dayanand Pai told newspersons here that the Group had identified land parcels from within its portfolio for development and planned to develop around 1.5 million sqft amounting to Rs 250 crore in the next 18 months. Other projects in the pipeline were a residential project on an eight-acre property on Mysore Road with around 650 two and three bedroom apartments, a built-to-suit complex for a leading retail chain on Tumkur Road, an 80-room boutique hotel on Race Course Road and ultra-luxury apartments in Palace Orchards and Koramangala.

Century Group had also forged an alliance with award winning Handel Architects, New York, for the development of its ultra-luxury apartment buildings. Handel Architects have to their credit the design of renowned buildings such as Ritz Carlton, Washington DC, The Millennium Place, Boston and Four Seasons Towers, San Francisco.

Mr Pai said construction was a logical extension to the current business activity of the group. ''We have large land holdings in and around Bangalore and have partnered various leading builders in the development of these properties in the past''.

The Group had recently developed an innovative format in the hospitality segment called 'Century Nester', opened in July last on Bannerghatta Road. This was an affordable accommodation option for young working professionals and was an alternative to paying guest accommodation. The Group planned to launch seven such facilities in the city before July 2007. These facilities would have cafeterias, health clubs, internet facilities, including WiFi, he added.

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