INDIA BUSINESS WORLD - JULY 1st - JULY 31st - 2008
SOBHA SELLS B’LORE PROJECT STAKE TO DUBAI CO FOR $10M
CITY-BASED realty major Sobha Developers (SDL) has informed the bourses that it has sold a 40% stake in an upcoming Bangalore project to a Dubai-based firm, Pan Atlantic, for $10 million (Rs 43.3 crore).
SDL sold the stake in a proposed project to develop a 1.7-million-sq ft residential township at Hosahalli in south Bangalore. The present value of the land is estimated at Rs 105 crore and forms the basis for the valuation of the deal, a statement said. “A special purpose vehicle has been formed to develop the residential township. The company expects a sales realisation of Rs 600 crore from the project,” it said.
Sobha sees construction starting by the end of this year. t the end of April, the company had constructed some 20 million sq ft. and has 35 projects ongoing. It has developed 50 residential and commercial projects while the contracting division has built an additional 111 projects. As the `preferred’ builder for IT major Infosys Technologies, it has about 12 million sq ft under construction for the company.
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