Synergy wins two turnkey projects
Synergy Property Development Services has bagged two prestigious residential projects from Embassy Group worth INR 1239 crore on turnkey basis. Blackstone Real Estate Partners, an affiliate of The Blackstone Group LP invested USD $18 million for a minority stake in the company in 2008.
Embassy Boulevard, a high-end premier villa project and Embassy Lake Terraces, a multi-storied premium residential project will come up in Bangalore.
Under the contract, Synergy will manage the entire development of both the projects including design management and co-ordination, engineering, procurement management, construction management and will be responsible for time, cost, quality and environmental health and safety standards.
Construction for Embassy Lake Terraces & Embassy Boulevard commenced in Jan 2012, with completion targeted within 36 months & 30 months respectively. Synergy currently has an order book of close to Rs2000 Crore for Turnkey Projects.Sankey Prasad, chairman & managing director – Synergy Property Development Services said- We are excited and privileged to be entrusted with these premium projects, and we have taken up the challenge to deliver them to true international standards. We have even mobilized resources, local and international to ensure high standards. – This project award is a further demonstration of the leadership position we have established in the – real estate market.”
“The scope of work for this prestigious project is huge and demanding and we are pleased to get an opportunity to prove our capabilities. It provides the foundation for us to become a dominant global force in executing turnkey projects”, added Sankey.
“Synergy with an order book of over 125 million Sq ft, is among the top players in the space and we are delighted to place our trust in Synergy that has proven its capabilities in meeting delivery deadlines without compromising on the quality of construction. We evaluated a number of alternatives, but eventually opted for Synergy because of their sheer dedication, commitment, technology excellence, competitive pricing with the assurance of timely delivery, backed by a world class team of highly skilled professionals,” said Gopi krishnan, director & CEO, Embassy Group.