Trump’s tall India plan to kick off in Bangalore

Trump’s tall India plan to kick off in Bangalore
Boby Kurian & Rajesh Unnikrishnan
BANGALORE/MUMBAI


AMERICAN real estate tycoon Donald Trump is finalising plans for a branded 47-storey residential project at the heart of Bangalore marking his foray into India. The Trump Tower will be a Rs 500-crore project with 16 condos and three duplex penthouses each priced between Rs 25 to Rs 40 crore, sources said.
Trump Sr’s flagship company, Trump Organization, is expected to unveil the Bangalore project by December this year after obtaining all necessary regulatory clearances. Ivanka Trump, daughter of the real estate magnate, will oversee the company’s India interests and is seen pushing for the project take-off with a visit in recent weeks.
Trump will not have financial exposure to the project, expected to come up just off Brigade Road in the central business district, as it is not FDI compliant, but will be in control of development, sales and management.
It is believed that domestic financial institutions like Kotak, IL&FS and HDFC are in the picture for financing the project. Trump appears to have roped in Blackstone backed Synergy Property Development Services for managing the Bangalore project development. Asipac Projects is involved with marketing of the property, while Thomas Associates, with several of the city’s landmark buildings in its portfolio, is believed to be the architectural consultants.
When contacted, Asipac, Synergy and Thomas Associates declined to comment, as some of the parties already on board are bound by stringent confidentiality clauses.
Sources said Trump Organization was in the midst of setting up an India office in Mumbai to take forward opportunities in the domestic market. It is believed that Trump is also in fairly
advanced discussions for a project in Mumbai, which is possibly a re-development at Marine Lines.
The Bangalore project, a joint development on a little over one acre plot at Brigade-Residency Road intersection, will have 2.87 lakh sqft of built-up area and about 1.40 lakh of marketable space, sources said. The residential condos will start from 25th floor, with 16 seven bedroom condos of over 7,000 sqft and three 9,000 sqft duplex penthouses. The penthouses will also have 4,000 sqft sky garden.
Informed sources said each residential condo will have six parking slots each from 2nd to 12th floors. The property will have a signature Trump restaurant and spa. While the restaurant on mezzanine floor will be open to outsiders, the spa and other facilities like the club and sports centre will admit residents only.
However, ET could not ascertain whether last weekend’s Wall Street turmoil will have any impact on Trump’s India plans even though sources claimed that the Bangalore and Mumbai projects have reached advanced discussions stage and are on track. Sources said the Bangalore project details will have a final shape within next month.
boby.kurian@timesgroup.com
TRUMP CARD
Trump Tower will be Rs 500-cr project with 16 condos and three duplex penthouses, each priced between Rs 25 cr to Rs 40 cr
Ivanka Trump, daughter of the US realty magnate Donald Trump, will oversee India operations
Domestic financial institutions such as Kotak, IL&FS & HDFC in fray for financing the project
Trump appears to have roped in Synergy Property Development Services for managing the project