Somna In Rs 30-crore JV With Royal Brothers Of Singapore

Hyderabad, Jan 30: | Updated: Jan 31 2004, 05:30am hrs
Somna Entertainment Private Ltd, engaged in entertainment business, has entered into a joint venture agreement with Royal Brothers of Singapore to set up a six-storied entertainment-cum-shopping centre in Hyderabad. They will be floating a new joint venture company to handle the project.

Addressing a press conference here on Friday, Mr Raj Kumar Hiranandani, chairman of Royal Brothers, said that the proposed complex will be in line with that of a Singaporean model with the customised architecture. The project cost has been estimated at Rs 30 crore, he added.

The proposed entertainment-cum-shopping complex will have four-storeyed shopping complex, health club, food court of international standards, while the 5th and 6th floors will have five cinema theatres with a capacity ranging from 100 seats to 500 seats to screen different language films, he said.

The project, to come up in the 6000 square yards, will also have two basement parking lots to provide sufficient space for the parking, he added. However, he refused to disclose the funding pattern of the project.

While Royal Brothers will construct the project, another Singapore-based company - CPG Corporation of Changi International Airport fame will provide the design and architecture to the project, he added.

"This is the beginning of Royal Brothers into Hyderabad and one would see more such joint venture projects in the near future," Mr Hiranandani said. The delegation also met Chief Minister N Chandrababu Naidu and appraised him of the proposed project, he said.

Royal Brothers, a multi-billion dollar company, is managing 20 local property companies in Singapore and 10 overseas projects in Australia, New Zealand and India. CPG has clients such as Changi International Airport, The Istana, Parliament House, Woodlands Checkpoints, the National University of Singapore and more.