Realty sources say the American is in talks with Rohan Lifescapes, a local developer, to construct a super-luxury residential tower of over 60-floors at a corner plot on Hughes Road leading towards Chowpatty.
Is Donald Trump Jr living up to the promise he made three years ago about building iconic towers in the city? Seems so.
Realty sources say the American is in talks with Rohan Lifescapes, a local developer, to construct a super-luxury residential tower of over 60-floors at a corner plot on Hughes Road leading towards Chowpatty. Because of its 3 lakh-sq-ft developable space, speculation is rife that the tower will comprise condominiums of over 6,000 sq ft, each costing about Rs25 crore.
The construction cost is estimated at Rs1,600 crore. No information is available on the financial arrangement between the two developers. If the deal goes through, construction could begin next year.
Rohan Lifescapes refused to comment. Sources said the developer bought the land, on which Ajinkya hospital once stood, a couple of years ago.
Property experts said the deal would lead to a churn in the South Mumbai luxury property market. “The reason is simple. Trump will bring in the latest construction technology and ensure his project gets completed much ahead of schedule,” an expert said. “From the point of view of the buyer, who shells out crores, this project, unlike others, will get completed as promised. The buyer knows that no luxury project ever gets completed within three years as promised by developers here.”
Trump was also, reportedly, in talks with leading developer Dynamix Balwa Realty to build a sea-facing, 110-storey hotel-cum-residential project near Marine Lines. But after several rounds of negotiations and even a draft memorandum of understanding, the talks broke down over profit sharing.
Besides these, Trump has a project for Bangalore. But it has been delayed because of the slowdown and the resulting cash crunch. The Rs560-crore, 47-storey luxury hotel and condominium project on Residency Road in the heart of the city would have homes costing as much as Rs40 crore. The project was to be developed by a consortium of Asipac, project management firm Synergy Property Development Services (35% owned by private equity firm Blackstone Group LP), architecture firm Thomas Associates and Rajatha Developers.
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