Bangalore, Karnataka, India
India's No.1 real estate development services and project marketing company Asipac today announced it has an order book of contracts in hand for a total fee income of $65 million (Rs.257 crores). The company also has a pipeline of contracts under negotiation for a fee income of another $156 million (Rs.615 crores). "If all (under negotiation) are signed, we will have a fee order book over $220 million," said Asipac Chairman Amit Bagaria, "We are only signing projects with minimum $3.50 million in fees." Asipac is projecting fee income of $30 million in FY'09 and more than $80 million in FY'10, by when the company may go for an IPO.
Current projects in hand range from $51 million to $252 million each, with average project size of $158 million. Projects under negotiations range from $54 million to $17 billion, with average project size of $1.6 billion, more than 10 times the current average. It is obvious the company is attracting much larger projects with time.
Since 1996, Asipac has worked on projects of ~375 million square feet. Today it has sole selling rights for projects of 21 million square feet, valued over $2.5 billion. Current projects in 11 cities include a 600-acre integrated township, 200-acre lakeside "second home" community, 4.4 million sq.feet workforce housing township, 906,000 sq.feet regional super-mall, 3.4 million sq.feet affordable homes township, 80-acre continuing care retirement community, Rs.600 crore super luxury high-rise condominium project, 51-acre suburban township and 50-acre gated community of India's most luxurious villas. These have more than 17,400 homes in 10 cities.
"Our business model is vastly different from IPCs such as CBRE, C&W, JLLM or pure marketing brokerages such as Oysters, Orange Properties or NK Realtors", says Bagaria, "instant of just implementing beaten track or even innovative marketing ideas for a pre-determined product planned by the developer, Asipac works at Phase-Zero, by looking at unmet consumer needs and conceptualizing new products, helping design them and then taking them directly to the consumer. In 15 months, we have launched 4 different types of RE projects and all have been distinctly unique from the market – one even made it to the Guinness Book of World Records. Currently, we are working on 8 more unique products which should hopefully be launched in the next 5-15 months, and the markets will truly see a difference."
Source: Asipac (Business Wire India)
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