The Phoenix Mills Limited is glad to announce that it has launched Phase I of "One Bangalore West", its ~3 million square foot Residential project in Rajajinagar (Bangalore) on September 7th 2012. The launch received a tremendous response with over 275 apartments (greater than 7 lakh square feet) worth over Rs. 530 crores being booked till date. The launch consisted of 5 towers comprising 29 floors each. The average basic sale price exceeded Rs7,000psf, above our internal estimates.
The project's elegantly designed mock apartment at the site's marketing office was extremely well received and the high conversion ratio of potential customers to bookings received was a testament to its unique product design and value proposition. Further, the sales team continues to receive several enquiries due to the project's carefully planned marketing strategy and visibility. We expect One Bangalore West's sales momentum to continue positively and further see upward progress in prices at which future area is expected to be sold.
As explained by Mayank Ruia, Head - Residential, "The initial success seen at One Bangalore West is testament to the brand equity that Phoenix has been able to establish in Bangalore in a relatively short span of time. It is evident that the Bangalore customer is extremely quality conscious and this project offers products that are carefully designed and priced keeping the end user at the forefront of the process at all times."
Construction for the project's first phase is expected to begin within a month's time and excavation for towers 1, 2 and 3 is near complete and towers 4 and 5 in progress.