Unitech puts serviced apartment project on block
The Hindu Business Line, April 10, 2009, Page 2
Moumita Bakshi Chatterjee
New Delhi, April 9 After selling its first hotel property Marriott Courtyard, Unitech Ltd is now learnt to be scouting for a buyer for its serviced apartment project — Marriott Executive Apartments.
Sources indicated that the company has initiated talks with some interested buyers but did not comment on the valuation. The realtor, which is facing a financial crunch, had recently sold its hotel project in Gurgaon for Rs 235 crore to Mr Roop Madan, Managing Director of Delhi-based Sanya Motors. Unitech has received 45 per cent of the payment, while the balance is expected to flow in this month. Sources said the serviced apartment project is structurally complete although the “finishing work” is not yet over.
Unitech Ltd officials were not available for comments.
The serviced apartments project is located in Gurgaon near the Unitech Cyber Park and the Unitech Greenwood City on 3.39-acre parcel of land; the serviced apartments, along with an office block, have been designed by Seattle-based Callison Inc and will be operated by Marriott as Marriott Executive Apartments.
“As per the project blue-print, there will be 117 units, which will consist of single, double and three-bed room units, for single clients and families who would like to stay for longer periods when on work in Gurgaon or Delhi,” a source said.
Company performance
Last year, Unitech had said it was eyeing Rs 1,200-1,500 crore through asset sales (that is sale of hotels and office property). The company intended to largely sell those hotels and office projects that were completed or are nearing completion.
The slump in demand for residential and commercial space has been hurting the performance of realty companies. The consolidated net profit of Unitech Ltd fell 74 per cent to Rs 136.05 crore for third quarter ended December 31, 2008, primarily due to ‘negligible’ sales in the commercial and retail space. Total income for the quarter at Rs 507 crore was less than half of the income in the year-ago period (Rs 1,165.11 crore).
The Hindu Business Line, April 10, 2009, Page 2
Moumita Bakshi Chatterjee
New Delhi, April 9 After selling its first hotel property Marriott Courtyard, Unitech Ltd is now learnt to be scouting for a buyer for its serviced apartment project — Marriott Executive Apartments.
Sources indicated that the company has initiated talks with some interested buyers but did not comment on the valuation. The realtor, which is facing a financial crunch, had recently sold its hotel project in Gurgaon for Rs 235 crore to Mr Roop Madan, Managing Director of Delhi-based Sanya Motors. Unitech has received 45 per cent of the payment, while the balance is expected to flow in this month. Sources said the serviced apartment project is structurally complete although the “finishing work” is not yet over.
Unitech Ltd officials were not available for comments.
The serviced apartments project is located in Gurgaon near the Unitech Cyber Park and the Unitech Greenwood City on 3.39-acre parcel of land; the serviced apartments, along with an office block, have been designed by Seattle-based Callison Inc and will be operated by Marriott as Marriott Executive Apartments.
“As per the project blue-print, there will be 117 units, which will consist of single, double and three-bed room units, for single clients and families who would like to stay for longer periods when on work in Gurgaon or Delhi,” a source said.
Company performance
Last year, Unitech had said it was eyeing Rs 1,200-1,500 crore through asset sales (that is sale of hotels and office property). The company intended to largely sell those hotels and office projects that were completed or are nearing completion.
The slump in demand for residential and commercial space has been hurting the performance of realty companies. The consolidated net profit of Unitech Ltd fell 74 per cent to Rs 136.05 crore for third quarter ended December 31, 2008, primarily due to ‘negligible’ sales in the commercial and retail space. Total income for the quarter at Rs 507 crore was less than half of the income in the year-ago period (Rs 1,165.11 crore).
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2 comments:
Good Luck to Unitech to sell a property at this hour. Its not recession but actually windfall gains happen once in a life time.
For real customer's, One must wait to invest or buy a property as property price was never so high and there are about 300 projects in line for sale ranging from Fly by the Night builders to the King size leading builders & developers.
Anyway's I came across a nice service apartment company called Servotel offering luxury service apartments, service villas & serviced farms. There offer includes tariff on Daily, weekly & Monthly basis.
There properties are Good & fortunately they understand what services of a Hotel are. They are spread across the Delhi NCR and are good for people visiting Delhi / Gurgaon on a business / vacation / medical tourism or otherwise visiting India for a short / extended stay or inbetween jobs or rellocating to India.
One must try as I lived in there property & it was Good.
Good Luck to Unitech to sell a property at this hour. Its not recession but actually windfall gains happen once in a life time.
For real customer's, One must wait to invest or buy a property as property price was never so high and there are about 300 projects in line for sale ranging from Fly by the Night builders to the King size leading builders & developers.
Anyway's I came across a nice service apartment company called Servotel offering luxury service apartments, service villas & serviced farms. There offer includes tariff on Daily, weekly & Monthly basis.
There properties are Good & fortunately they understand what services of a Hotel are. They are spread across the Delhi NCR and are good for people visiting Delhi / Gurgaon on a business / vacation / medical tourism or otherwise visiting India for a short / extended stay or inbetween jobs or rellocating to India.
One must try as I lived in there property & it was Good.
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