New Entity to be named ‘Golden Gate | CNTC’
Announces a USD $ I Billion investment through the entity
To develop luxury residences in Bangalore and launch its first project
‘The Presidential Tower’
Bangalore, 1st July 2017: CNTC a Beijing headquartered Construction giant has entered into the Indian real estate space. Today it has inked a partnership with Golden Gate Properties, amongst Bangalore’s leading Real Estate Developers and announced its strategic Joint Venture. The newly formed entity will be called Golden Gate|CNTC.
Golden Gate|CNTC will initially embark on two residential projects namely ‘The Presidential Tower’ with an investment outlay of Rs.1500+ Crore and ‘The Grand Tower’ with an investment outlay of Rs.1000Crore. A 1 Billion USD investment plan for India in the next two years, Presidential Tower is the right start for the JV in India and it envisions to develop more projects in India that will comprise of commercial, residential and mixed use projects.
CNTC – A leading multinational construction company has global interests in large construction and infrastructure projects around the Globe. Ithas presence in over 35 countries and hasa proven record of delivering mega structures like the third tallest tower in the world “Shanghai Tower” with a total height of 632 meters , “The Oriental Pearl TV Tower”, Shanghai Hongqiao airportin Shanghai, the Russian Federal Mansion in Russia to name a few. From building the tallest tower in China to contracting for the Olympic stadiums, airports and palaces in the Middle East CNTC has experience in delivering around the globe. The construction conglomerate has a strong vision for the Indian real estate market and has optimistic goals through this JV partnership for its business in India.
Over the next three years, for the two upcoming high-end residential projects, the JV will be managing the investment, construction, operations, contracting and delivery. For this, the JV has established a fully functional real estate company headquartered in Bangalore. “The Presidential Tower will be the tallest building in Bangalore, towering at 50 floors located at the highest growth corridor of the city, Yeshwanthpur, close to metro station.
Speaking at the launch, Mr. Shi Hui, Vice Chairman, CNTC, says, “We are very excited to enter India through our partner. We have been studying the India Market for the last 2 years, before taking the plunge into India. With CNTC we get world class technology coupled with best ethical business practices. While considering our entry strategy; Bangalore City’s highest cosmopolitan index, stability and growth factors were quite fascinating; hence we chose to invest at this top growing city in the world. He further added, “We see promising opportunities in India and in particular Bangalore. Through this JV we want to capitalise on this huge opportunity and Bangalore being a “world class city” there will be a lot of growth in the years to come for this city. CNTC worldwide strives to deliver high quality projects and strongly feel that we have the best partner with us to realize our vision”
Mr Sanjay Raj,Co-promoter of Golden Gate, stated, “We will now have a concrete future plan of expansion and delivery. Our local experience is the right match to leverage the strengths of CNTC. With CNTC’s alliance and expertise, we jointly will set new benchmark in the Real Estate Industry. Our partnership will kick-start with two Milestone projects, The Presidential Tower (TPT) and The Grand Tower. Work on The Presidential Tower has started and we are confident that it will not just be a Landmark but also a Hallmark for high quality lifestyle and investment for home seekers in Bangalore. Currently we are experiencing the toughest times of our careers, with slow sales and collections, project delays, impact of demonetisation, and also simultaneously gearing up for RERA and GST. With our new partners this will become easy as they are used to more stringent practices and the integration will be easier. Our new JV Company has very aggressive plans for India.
He further added, “For the present, we have a focused approach towards strengthening our Bangalore market and establishing the company as the pioneer in high quality projects. This endeavour will bring excellent operational practices like timely delivery with the best quality homes and this will reflect in The Presidential Tower and all future projects of the JV.
The Presidential tower will be developed on a 5 acres land and is part of a layout that has 85% open spaces. The ultra-luxury residential project is designed to bring new dimension to Lifestyle Living.