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« Indian Realty May See $1.2 bn in Private Equity | Home | Talera Group to Build Budget Hotels »

Parsvnath Developers to Tap Singapore Real Estate

Parsvnath Developers is soon to join the bandwagon of global real estate developers rushing to acquire a stake in the speeding multi-billion construction activity in the island city state Singapore.

Delegation from Parsvnath will visit Singapore in two three weeks to finalize a joint venture for its maiden cross border business foray. The company may associate itself with a land owner in Singapore and be responsible for the development of the project.

Also, the company is all set to make its first cross border foray and keeping the fingers crossed for its success, says Pradeep Jain, Chiarman, Parsvnath Developers. It has also discussed with its legal advisors to scout a full fledged company or just a special purpose vehicle should be floated in Singapore.

Close by heels of its counterparts including the prominent name like Hiranandani, Parsvnath Developers is also looking forward to carve out a substantial niche for itself in foreign market like Hong Kong and Middle East.

Singapore has gone aggressive on its marketing and has even amended the property norms to woo prospective foreign investors.  The new rules allow such investors to rent a property for 99 years. Earlier, only residents had the permission to own land, a scare commodity.

Parsvnath Developers has 150 million square feet under development. The land is spread over 47 cities in 17 states. The company is also planning to brighten its presence in 250 Indian cities with development of exclusive real estate projects like integrated townships and SEZs.

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