BSEL to develop residential complex in Malaysia

Mumbai: Mumbai-based BSEL Infrastructure Realty will develop a high-rise residential apartment complex in Malaysia. The company has been awarded a nine-storey waterfront shopping mall on 4.63 lakh sq ft of property for Rs 87 crore by the Iskandar Regional Development Authority, which is developing the Iskandar metropolis.

Mr Dharmendra Raichura, Managing Director, BSEL, said the floor-area ratio was enough to develop an additional two to three million sq ft on the premises. However, the exact quantum of development and project cost could be determined only after the local authorities awarded the floor-area ratio.

BSEL Infrastructure already has a memorandum of understanding with the Iskandar Authority to develop 70 million sq ft. It has committed an investment of Rs 18,000 crore, to be spread over 12 years, for the project. The investment in phase I (in four years) will be Rs 2,500 crore. Of the five economic zones to be developed, BSEL has pledged to invest in the two zones — Financial District and Nusajaya. BSEL Infra is developing hotels, IT parks, townships, commercial space and shopping malls projects in India and the UAE.