Business
Update on Indian Development
Update on Indian Development.
About this update from Plaza Centers N.v.
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 5526B Plaza Centers N.V. 21 February 2011 \n \n\n \n21 February 2011\nPLAZA CENTERS N.V.\n \nUPDATE ON INDIAN DEVELOPMENT IN KHARADI, PUNE\n \n70% of saleable space pre-sold in first phase of Matrix One office complex due to open in Q4 this year\n \nPlaza Centers N.V. (\"Plaza\" or the \"Company\"), a leading emerging markets property developer, today provides an update on its development project located in the Kharadi district of Pune, Maharashtra, India.\n \nAlong with its 50:50 local joint venture partner, Plaza has made good progress with the construction of the first phase of the project, a 300,000 sq ft office building known as 'Matrix One'. To date, Plaza has pre-sold 70% of the saleable area. \n \nThis first office building has a total expected development cost of USD 23.5 million, and, based on accumulated sales of office space to date inclusive of underground parking revenues, will have an end development value of approximately USD 36.5 million. Plaza therefore anticipates this will deliver a development pre-tax profit of approximately USD 13.0 million.\n \nPlaza acquired the development site in 2007. The large scale project will total 1.2 million sq ft of gross built area on completion, comprising the first phase Matrix One office complex, which is expected to be completed in Q4 this year, and a second phase of two additional office buildings totalling 420,000 sq ft each, as well as a 60,000 sq ft supermarket. Construction of phase two is expected to commence in the second half of 2011.\n \nRan Shtarkman, President and Chief Executive Officer of Plaza Centers N.V., said\n \"Following several years of laying down foundations in the Indian market, we are happy to see encouraging progress with our projects in the region. When we entered the Indian market back in 2006, we held a long term view of the strong potential demand for commercial Indian real estate, especially for well located large scale projects such as Kharadi. Despite the challenging global market conditions since then, the market is still demonstrating attractive fundamentals and we are pleased to be nearing the completion of our first office building in India due at the end of this year. We are particularly delighted by the high level of sales we have achieved to date for Matrix ...