Synergy bags $10 million project for townships in Rwanda

Synergy, a Bangalore-based real estate consulting and turnkey solution firm, has bagged the Design and Project Management contracts for three townships in Rwanda for about $10 million (over Rs 55 crore). The Design and Project Management mandate is part of a $153-million township development contract from Rwanda Social Security Board bagged by Blackstone-backed Synergy Property Development Services. “Synergy's fee will be approximately $10 million for this project,” the company said in a statement. The company also added that the selection was done through a global tendering process for the townships in Kigali, the capital and the largest city of the African nation. Under the contract, Synergy will manage the entire development of the projects, including design management and co-ordination, engineering, procurement management and construction management. The Indian firm will also be responsible for time, cost, quality and environmental health and safety standards, the statement said. Work for all the projects will commence from July. The completion of the first phase is targeted to end within 20 months of commencement. Commenting on the order, the Synergy Property Development Services chairman and MD, Sankey Prasad, said: “Africa is a land of opportunities for housing and office space development work... The scope of work for these townships is massive and challenging and we are delighted to get an opportunity to demonstrate our capabilities.” Prasad added that these three projects will provide the foundation for the Indian firm to become a dominant global force in executing township projects anywhere in the world. Out of the three projects, two townships will be developed in 250 acres and 157 acres respectively. Another township will house 200 apartments. Synergy has to complete projects of over to Rs 3,000 crore in India and abroad

source: http://www.realtyplusmag.com/rpnewsletter/Fullstory_Newsletter.asp?news_id=20845&cat_id=1