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| Malaysian realtor to tap up to $50 mn in India |
| Ravi Menon / Chennai/ Bangalore Nov 27, 2009, 00:50 IST |
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Malaysian conglomerate Ascenteus Holdings is looking to raise $40 million - $50 million (Rs 185 crore - Rs 235 crore) via the private equity route in India to part-fund its $400-million mega residential project coming up in Kuala Lumpur.
The luxury residential project comprising of condominiums and a clubhouse is being developed by Ascenteus in partnership with the Malaysian government.
The company is understood to be scouting for investors in India to participate in the project.
Ascenteus Properties, the property development arm of Ascenteus Holdings, has formed a special purpose vehicle along with the Malaysian government to implement the project.
The company holds 70 per cent of the total equity in the project, with the Malaysian government owning the rest.
“Much of the working capital generation for the project will be through the pre-sales (early bookings) route. Besides a few private equity firms,
we have been in talks with a few banks to raise the remaining funds,” said Rajeev M R, CEO of Bangalore-based Pegasus Constructions and Properties Pvt Ltd, who are serving as consultants for the Ascenteus project.
The company is looking to rope in an Indian investor as a strategic partner in the project by diluting its holdings in the SPV, he said.
“Of the total capital outlay of $400 million, the development cost alone will be about $200 million. An additional $150 million will be spent on the processing, procurement, due diligence and acquisition of permits from different government agencies in Malaysia,” Rajeev said.
Kuala Lumpur-based Ascenteus Holdings runs offices in Bangalore, Singapore, Qatar and the UAE.
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