BSEL Infra to build residential towers in UAE

Dubai, Feb 11: BSEL Infrastructure Realty (FZE), a wholly-owned subsidiary of Mumbai-based BSEL Infrastructure Realty Ltd, will construct four residential towers in the UAE's new Emirates City, for a total cost of Rs 1,600 crore (1.3 billion dirham).

At the current market rates, the project has a saleable value of Rs 2,100 crore (1.75 billion dirham), translating into a Rs 500 crore (416 million dirham) net profit, a company official said.

The project involves a total land area of 4.5 million square feet, which it bought for Rs 135 crore from R Holdings, the state agency in charge of the Emirates City development.

Besides the Emirates City project, it has acquired property at Internet City in UAE.

Taking all projects together, total area under development with BSEL over a period of next three years will be around 10 million square feet with a total project cost of Rs 2,200 crore and saleable value of Rs 3,600 crore, a statement said.

BSEL Infrastructure Realty Ltd is listed on both the BSE and the NSE, and the Luxembourg Stock Exchange.

UNI