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 Development Project 4 – LADY RATAN SEASONS
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Worli represents one of the most desirable residential locations in South Mumbai. Home to senior executives, boutique financial services firms, and the self-employed, this prime development area enjoys occupancy levels as high as 85% to 90%. Despite the strong appreciation in capital values most of the developers see 75% to 90% of their projects sold before completion.
Furthermore, with the direct sea-based road link to Bandra almost complete, the appeal of this location will increase, countering any supply increase and enabling prices to remain firm.
Lady Ratan Seasons is a luxury condominium development under which Trikona TC will redevelop seven acres into a total of 0.98m* sq. ft. of saleable space in lieu of developing 0.70m sq. ft. of new housing in eleven, eight story blocks for the existing slum dwellers.
Total Area under development: 0.67m sq. ft. (Residential) + 0.70m sq. ft. (Rehabilitation) + 0.31m sq. ft. (Basement Parking)
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| Highlights |
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- The only Four Seasons hotel in India opened for business in March 2008, located within the neighbourhood of the development
- In November 2007, SachsenFonds acquired a 41% interest in the Mauritian SPV for £9.71 million resulting in a realised IRR of 84% and a multiple of 2.04 times return (“SF-I”)
- Pre-sales were planned in September 2007; however, due to the proposed change in the type of development the project is now likely to be launched in December of 2008
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| View Project Details |
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| £24.4 million* |
| 0.98 m sq. ft. |
49% owned** |
| Asset Class | Residential |
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| Project Name |
Lady Ratan Seasons |
| Partner |
Lokhandwala Kataria Constructions Private Ltd.
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Location
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Worli, South Mumbai |
| Type |
Residential (Under Rehabilitation Scheme) |
| Saleable Area |
0.98 m sq. fton 7 acres |
| Capital Invested |
£6.3 M |
| *NAV as of 31 March 2008 |
£24.4 M
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| IRR at Date |
114% |
Multiple at Date
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1.94 |
** The Mauritian SPV owns 49% of DP-4; however, Trikona TC has sold a portion of its ownership in the Mauritian SPV.
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