BSEL to construct 3 residential towers in Emirates
Mumbai, Mar 29 (UNI) BSEL Infrastructure Realty (FZE) will construct three residential towers in the new Emirates City, UAE, for a total cost of Rs 1200 crore.
The company had recently bagged contracts to construct four similar towers in Emirates City for a cost of Rs 1600 crore. With the latest order, BSEL's business in the UAE is now worth up to Rs 2,800 crore, a company release said here today.
The new project, at current market rates, has a saleable value of Rs 1600 crore, translating into a Rs 400 crore net profit for BSEL.
It involves a total land area of 33.75 lakh square feet. While the land was sold to BSEL for Rs 78 crore by R Holdings, the state agency in-charge of the Emirates City development. The overall cost of construction will come to around Rs 1122 crore. This will be payable by BSEL over a period of three years.
In the case of the earlier project, to construct four residential towers in Emirates City, the total cost was Rs 1600 crore. This would mean a saleable value of Rs 2100 crore, at current market rates.
BSEL Infrastructure Realty (FZE) is a wholly owned subsidiary of Mumbai-based BSEL Infrastructure Realty Limited. The company is listed both on the BSE and the NSE, besides the Luxembourg Stock Exchange.
Besides the Emirates City project, BSEL Infrastructure Realty (FZE) has also acquired property at Internet City in UAE.
Taking all projects together, total area under development with BSEL Infrastructure Realty over a period of next three years will be around 78 lakh sq ft with a total project cost of Rs 2800 crore and saleable value of Rs 3700 crore. Recently, the company entered into a pre-bid alliance with multi-million euro international hotel group Accor Asia Pacific, through its Indian-arm AAPC India Hotel Management Private Limited, for the proposed International Convention Centre (ICC) at Bhubaneshwar, Orissa. Adlabs Films will also partner with BSEL in the Mall and MultiplexProject in the Convention Centre.
UNI