Online edition of India's National Newspaper
Wednesday, Jul 11, 2007
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Online edition of India's National Newspaper Wednesday, Jul 11, 2007 ePaper |
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Andhra Pradesh
Special Correspondent
Standing tall: A prototype of the 18-storeyed WaveRock building proposed at Gachibowli.
HYDERABAD: An 18-storeyed mega structure (Class A office space) with 2.2 million sq. feet of built-up area will come up at Gachibowli in the city. The building, christened as WaveRock, will be the first property to be built by TSI Ventures India Private Limited, a 50-50 joint venture between Tishman Speyer and ICICI Venture. The project is planned across 12 acres in three phases. The first phase of 600,000 sq. feet would be ready during the fourth quarter of 2008. “A new miracle is in the making,” said Jerry I. Speyer, president and CEO of Tishman Speyer, a US-based global real estate developer, while announcing the groundbreaking project for WaveRock at a press conference here on Monday. He said WaveRock would be built in accordance with US Green Building Council standards required to obtain leadership in energy and environmental design) LEED accreditation. CEO of TSI Ventures Kok Huat Goh said that the joint venture was launched with an initial capital of US $ 700 million. The company also proposes to build an integrated township (residential, office and commercial space) over 100 acres with 25 million sq. feet of built-up area in Tellapur. He said the amenities in WaveRock would include a well-equipped world class gymnasium, multi-cuisine food court, convenience stores and ATMs. CEO of ICICI Ventures Renuka Ramnath said that the joint venture was planning to raise more funds, to the tune of US $ 3 billion to US $ 5 billion, in the next three to four years. Senior Managing Director of Tishman Speyer’s emerging markets Katherine Farley, along with Mr. Speyer and Ms. Ramnath, unveiled the prototype..
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