Asset Homes opening 12 new projects this year

Real estate firm Asset Homes is set for a bullish run this year by launching 12 new projects across Kerala. The Kochi-based company will invest Rs 350 crore to develop nine residential, two commercial and one gated community villa project in the state. It is planning to raise funds through private equity players, a company executive told Property Pulse. The number of new projects this year is double the annual average, and this will allow Asset Homes to tap new markets and meet rising demand for residential units, K A Mohamed Saleem, managing director of Asset Homes, said in an interview. “This year, we will be launching about 12 more [projects] investing Rs 350 crore. We are also planning to raise money via private equity players. All the projects will cater to the lower-middle to upper-middle markets.” “We are the first builder in India to hand over 10 lakh sq ft in the first 1,000 days of operation. We will be building in more locations as well as continuing multi-tower projects,” said Sunil Kumar, director, Asset Homes. “Currently, we are operating in Kochi and Thiruvananthapuram. We have plans to enter new towns like Thrissur [April] and Kannur [August], respectively,” Kumar added. “This year we are also planning to start a new lifestyle store, which would be a one-stop-shop offering total interior solutions and accessories. In addition to this, an old age retirement home project is also under consideration.” Established in 2006 Q4, Asset Homes has already launched 26 projects of which 15 are completed, while 11 are ongoing. “Under the residential category, we have completed 15 projects, while nine are ongoing. Besides these, two ongoing projects come under the commercial-cum-hospitality segment,” he said. “We have categorised our projects under the following categories: Digital Apartments, Close Relationship Group Homes (CRG Homes), Sea Front Apartments, River View Apartments, Sky Villas, Boutique Apartments, Service Apartments, Commercial Malls, River Front Apartments and SOHO Units,” said Kumar. The company, which clocked in a turnover of Rs 60.93 crore during 2008-09 fiscal, registered a growth rate of 270 per cent compared to the previous year. “In the current year, the turnover is likely to touch Rs 91.35 crore again registering a growth of 150 per cent. The target set for FY 2010-11 is Rs 150 crore.” Asked whether his company is looking at selling shares to the public to raise more funds, Kumar said, “Yes, in the future. It is likely to happen in FY 2014-15. Not now.” Source:http://www.realtyplusmag.com/rpnewsletter/fullstory.asp?news_id=7693&cat_id=1 Filed under: Builders/ Developers , New projects , Thiruvanthapuram Tagged: Asset Homes , Kochi , Thiruvananthapuram , Thrissur