Yoo Co links with Panchshil Realty to build apartments

Pune: Global property design and development company Yoo has announced an alliance with Pune-based real estate developer Panchshil Realty to construct India’s first branded apartments. Yoo Pune, the first project under the joint venture, is a set of six 30-floor apartment towers at Hadapsar that will get off the drawing boardin October, with projects at Gurgaon, Mumbai and Bangalore to follow.

Referring to their maiden venture in the country, Mr John Hitchcock, Chairman, Yoo, said that the apartments will take into account local cultural nuances. “Around 70 per cent of the (design) work will be done by the team,” he said, adding that design guru Mr Philippe Starck, shareholder, partner and creative director in Yoo, whom he described as “frustratingly active,” will contribute 30 per cent to the design.

Service condominiums:

Mr Atul Chordia, Chairman and Managing Director, Panchshil Realty, said that Yoo Pune would launch the concept of service condominiums in India. Located on 21 acres, the first phase of the Rs 1,500-crore project involved constructing around 300 large apartments ranging from 5,000 to 9,000 sq ft in size, with a price tag ranging from Rs 5 crore to Rs 11-12 crore for the penthouse.

To be styled around four Starck-inspired palettes — nature, culture, minimal, classic — much of the material for Yoo Pune apartments will be imported, Mr Chordia said, adding that amongst the features of these apartments will be two kitchens and ‘His’ and ‘Her’ bathrooms for the master bedroom. Management company Oakwood has been roped in to provide concierge and front desk services for the Pune project, while the company is in discussions with the Marriott group for providing hotel services, he said. The second phase of the project involves building SoHo homes ranging from 600-700 sq ft.

SPV likely:

Though Yoo holds no stake in its first venture, the company will co-invest in the three other projects identified, and a special purpose vehicle is likely to be established. Mr Hitchcock said that Yoo would invest 25 per cent in these projects which include apartments on an 18-acre plot in Gurgaon that will get off the ground in late 2008.