Real estate firm Oberoi Realty has brought on board Samsung C&T Corporation as its general contractor for its ambitious mixed-use, high-rise luxury project in Worli, Mumbai. The deal marks the entry of Samsung C&T, which has constructed many of the world’s tallest landmarks including Petronas Towers in Kuala Lumpur and Burj Khalifa in Dubai, in the Indian real estate space.
“This association will enable us to strengthen and grow our vision of bringing the best international construction practices to India and contribute one more landmark to the skyline of Mumbai,” Vikas Oberoi, chairman and managing director, Oberoi Realty, told DNA. To be developed by Oasis Realty, a joint venture between Sahana and Oberoi Realty, the development will feature a luxury hotel, luxurious branded residence (managed by a hotel operator) and high-end commercial office space with a likelihood of luxury retailing area.
The hotel and branded residences, industry sources were quoted as saying, will likely be operated by luxury hotel company, Mandarin Oriental Hotel Group. YeonJoo Jung, president and CEO, Samsung C&T, said the deal was a remarkable milestone for the company as it would be their first such project in India. “We apply extensive experience, expertise and knowledge in construction and project management especially for high rise buildings, therefore the successful completion of this iconic building would also be vital for our future growth in the Indian market,” said Jung.
The Oberoi project is likely to be launched this October. Sources said details of the Oberoi project have not been made public as yet because, “the developer is still in the process of getting a clear picture on the floor space index allocation for it”.
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