Westcourt sells 25-30% Four Seasons' residence apartments

Westcourt, which is developing Four Seasons hotel and private residences in Bangalore, has already sold 25-30 per cent of the first block of residences on offer. “The hotel wing of the project has 48 residences comprising one-bedroom and two-bedroom apartments which we have opened up for sale. We have already sold 25-30 per cent of this,” Mr Vinay Kapoor, Founder and Chief Executive Officer, Westcourt, told Business Line. The price tag for these one-bedroom and two-bedroom apartments could be anywhere between Rs 4 crore and Rs 7 crore. The residences would be serviced by the project's hospitality operator, Four Seasons. Cityview, the Rs 1,500-crore project which would have commercial, retail, hospitality and residential developments, would also offer larger private residences.

These larger units would be located in a separate wing — North Tower. There would be about 60 such large units — three- and four-bedroom units — would be priced between Rs 6 crore and Rs 12 crore. Those who have bought into are “large corporates including MNCs, non-Bangaloreans, who come to the city on work, and jet-setting Bangaloreans,” said Mr Kapoor. However, he said that there are several more enquiries from Bangaloreans for the larger units. He added that the company was not aggressive on sales, and didn't expect “sales to be all pre-sales and expect it to happen over the next 2-3 years”.

Westcourt would also look at developing other projects across the country “when we get into the final stages of this project”, he explained.

The company would also start discussions with retail players for the retail space in the near future. The project would be completed by 2014, said Mr Kapoor.

Source: http://www.thehindubusinessline.com/companies/article2964289.ece