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Mint
2 days ago
- Business
- Mint
Singapore-backed realty company bets on India entertainment boom
Prestige Estates Projects Ltd., which ranks among India's top five real estate developers by market value, is looking to sell more entertainment and dining spaces in malls while cutting back on apparel retailers, a top official said. 'Shopping can be done from anywhere once you know the brand, entertainment cannot be bought online,' Muhammed Ali, chief executive officer-retail of the Singapore government-backed firm said over phone. The developer, which counts Blackrock Inc. and Vanguard Inc. as its investors, plans to allocate 40% space in malls to entertainment and restaurants, twice of what its older properties offer. At the same time, retail space will be cut from as much as 85% to 60%, Ali added. His strategy mirrors the rapid transformation in India's consumer landscape driven by a combination of rising income levels, aspirations and demographics. It also comes as e-commerce is challenging traditional retail, and malls are trying to reposition themselves as experience-driven destinations with shopping, leisure and lifestyle thrown in the mix. India's top cinema chain PVR Inox Ltd. is betting on a slew of big-ticket Bollywood and Hollywood releases to bring back audiences while consultancy firm Mordor Intelligence notes that quick service restaurants are seeing a steady rise in average order value and increasingly establishing themselves in retail spaces to capture a broader customer base. Prestige plans to grow its presence to 15 malls spanning 10 million square feet in cities such as Bangalore, Mumbai, Hyderabad, and Goa by 2030. It operates four malls at present. Prestige is expanding the scope of entertainment to include physical activities that engage people of all ages and help them 'burn a few hundred calories.' Prestige shares have fallen 11% over the last year, nearly twice the decline in the NSE Realty index. The company's profit for the year ended March 31 was down 62% on year to 6.16 billion rupees ($72.1 million), the lowest in five years. Analysts at JM Financial said in a note on Monday that they expect growth in residential sales to moderate after surging in the last two to three years. That makes it imperative for Prestige and other developers to diversify their revenue stream. 'These are the things that online cannot compete with us, where senses are involved, where you need to physically be there,' said Ali, referring to entertainment and dining. The company is also focused on live performances. The new mall structure is expected to generate around 12.50 billion rupees in rentals annually by 2030, Ali said. That is a sixfold jump from a little over two billion rupees the company made in rentals in the financial year through March 2025. 'We are challenging the status quo. These malls are going to be very exciting platforms,' said Ali. More stories like this are available on Disclaimer: This story has been published from a wire agency feed without modifications to the text.
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Business Standard
2 days ago
- Business
- Business Standard
S'pore-backed Prestige Estates Projects bets on India's entertainment boom
The developer, which counts Blackrock Inc. and Vanguard Inc. as its investors, plans to allocate 40 per cent space in malls to entertainment and restaurants Bloomberg Prestige Estates Projects Ltd., which ranks among India's top five real estate developers by market value, is looking to sell more entertainment and dining spaces in malls while cutting back on apparel retailers, a top official said. 'Shopping can be done from anywhere once you know the brand, entertainment cannot be bought online,' Muhammed Ali, chief executive officer-retail of the Singapore government-backed firm said over phone. The developer, which counts Blackrock Inc. and Vanguard Inc. as its investors, plans to allocate 40 per cent space in malls to entertainment and restaurants, twice of what its older properties offer. At the same time, retail space will be cut from as much as 85 per cent to 60 per cent, Ali added. His strategy mirrors the rapid transformation in India's consumer landscape driven by a combination of rising income levels, aspirations and demographics. It also comes as e-commerce is challenging traditional retail, and malls are trying to reposition themselves as experience-driven destinations with shopping, leisure and lifestyle thrown in the mix. India's top cinema chain PVR Inox Ltd. is betting on a slew of big-ticket Bollywood and Hollywood releases to bring back audiences while consultancy firm Mordor Intelligence notes that quick service restaurants are seeing a steady rise in average order value and increasingly establishing themselves in retail spaces to capture a broader customer base. Prestige plans to grow its presence to 15 malls spanning 10 million square feet in cities such as Bangalore, Mumbai, Hyderabad, and Goa by 2030. It operates four malls at present. Prestige is expanding the scope of entertainment to include physical activities that engage people of all ages and help them 'burn a few hundred calories.' Prestige shares have fallen 11 per cent over the last year, nearly twice the decline in the NSE Realty index. The company's profit for the year ended March 31 was down 62 per cent on year to Rs 6.16 billion ($72.1 million), the lowest in five years. Live Performances Analysts at JM Financial said in a note on Monday that they expect growth in residential sales to moderate after surging in the last two to three years. That makes it imperative for Prestige and other developers to diversify their revenue stream. 'These are the things that online cannot compete with us, where senses are involved, where you need to physically be there,' said Ali, referring to entertainment and dining. The company is also focused on live performances. The new mall structure is expected to generate around 12.50 billion rupees in rentals annually by 2030, Ali said. That is a sixfold jump from a little over rupees two billion the company made in rentals in the financial year through March 2025. 'We are challenging the status quo. These malls are going to be very exciting platforms,' said Ali.
Time of India
2 days ago
- Business
- Time of India
Matter of Prestige: Indian realty behemoth bets on entertainment boom over shirts and skirts
Prestige Estates Projects Ltd ., which ranks among India's top five real estate developers by market value, is looking to sell more entertainment and dining spaces in malls while cutting back on apparel retailers, a top official said. 'Shopping can be done from anywhere once you know the brand, entertainment cannot be bought online,' Muhammed Ali, chief executive officer-retail of the Singapore government-backed firm said over phone. The developer, which counts Blackrock Inc. and Vanguard Inc. as its investors, plans to allocate 40% space in malls to entertainment and restaurants, twice of what its older properties offer. At the same time, retail space will be cut from as much as 85% to 60%, Ali added. His strategy mirrors the rapid transformation in India's consumer landscape driven by a combination of rising income levels, aspirations and demographics. It also comes as e-commerce is challenging traditional retail, and malls are trying to reposition themselves as experience-driven destinations with shopping, leisure and lifestyle thrown in the mix. India's top cinema chain PVR Inox Ltd. is betting on a slew of big-ticket Bollywood and Hollywood releases to bring back audiences while consultancy firm Mordor Intelligence notes that quick service restaurants are seeing a steady rise in average order value and increasingly establishing themselves in retail spaces to capture a broader customer base. Prestige plans to grow its presence to 15 malls spanning 10 million square feet in cities such as Bangalore, Mumbai, Hyderabad, and Goa by 2030. It operates four malls at present. Prestige is expanding the scope of entertainment to include physical activities that engage people of all ages and help them 'burn a few hundred calories.' Prestige shares have fallen 11% over the last year, nearly twice the decline in the NSE Realty index. The company's profit for the year ended March 31 was down 62% on year to 6.16 billion rupees ($72.1 million), the lowest in five years. Analysts at JM Financial said in a note on Monday that they expect growth in residential sales to moderate after surging in the last two to three years. That makes it imperative for Prestige and other developers to diversify their revenue stream. 'These are the things that online cannot compete with us, where senses are involved, where you need to physically be there,' said Ali, referring to entertainment and dining. The company is also focused on live performances. The new mall structure is expected to generate around 12.50 billion rupees in rentals annually by 2030, Ali said. That is a sixfold jump from a little over two billion rupees the company made in rentals in the financial year through March 2025. 'We are challenging the status quo. These malls are going to be very exciting platforms,' said Ali.
Time of India
2 days ago
- Business
- Time of India
Matter of Prestige: Indian realty behemoth bets on entertainment boom over shirts and skirts
Prestige Estates Projects Ltd ., which ranks among India's top five real estate developers by market value, is looking to sell more entertainment and dining spaces in malls while cutting back on apparel retailers, a top official said. 'Shopping can be done from anywhere once you know the brand, entertainment cannot be bought online,' Muhammed Ali, chief executive officer-retail of the Singapore government-backed firm said over phone. The developer, which counts Blackrock Inc. and Vanguard Inc. as its investors, plans to allocate 40% space in malls to entertainment and restaurants, twice of what its older properties offer. At the same time, retail space will be cut from as much as 85% to 60%, Ali added. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Kulkas yang belum Terjual dengan Harga Termurah (Lihat harga) Cari Sekarang His strategy mirrors the rapid transformation in India's consumer landscape driven by a combination of rising income levels, aspirations and demographics. It also comes as e-commerce is challenging traditional retail, and malls are trying to reposition themselves as experience-driven destinations with shopping, leisure and lifestyle thrown in the mix. Live Events You Might Also Like: India's retail has a spring in its step: High-end shopping malls India's top cinema chain PVR Inox Ltd. is betting on a slew of big-ticket Bollywood and Hollywood releases to bring back audiences while consultancy firm Mordor Intelligence notes that quick service restaurants are seeing a steady rise in average order value and increasingly establishing themselves in retail spaces to capture a broader customer base. Prestige plans to grow its presence to 15 malls spanning 10 million square feet in cities such as Bangalore, Mumbai, Hyderabad, and Goa by 2030. It operates four malls at present. Prestige is expanding the scope of entertainment to include physical activities that engage people of all ages and help them 'burn a few hundred calories.' Prestige shares have fallen 11% over the last year, nearly twice the decline in the NSE Realty index. The company's profit for the year ended March 31 was down 62% on year to 6.16 billion rupees ($72.1 million), the lowest in five years. You Might Also Like: Multiple shopping malls to open by 2026 in 7 cities with 16.6mn sq ft space: Anarock Analysts at JM Financial said in a note on Monday that they expect growth in residential sales to moderate after surging in the last two to three years. That makes it imperative for Prestige and other developers to diversify their revenue stream. 'These are the things that online cannot compete with us, where senses are involved, where you need to physically be there,' said Ali, referring to entertainment and dining. The company is also focused on live performances. The new mall structure is expected to generate around 12.50 billion rupees in rentals annually by 2030, Ali said. That is a sixfold jump from a little over two billion rupees the company made in rentals in the financial year through March 2025. 'We are challenging the status quo. These malls are going to be very exciting platforms,' said Ali. You Might Also Like: What's in store for Reliance Retail, Arvind Fashions, V-Mart & top retailers? Aggressive expansion
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Business Standard
27-04-2025
- Business
- Business Standard
Trump demands free passage for US ships through Panama, Suez canals
Trump's focus has been on Chinese commercial shipping and shipbuilding, with the ultimate goal of promoting a revival of US shipbuilding Bloomberg President Donald Trump called for 'free of charge' passage of American ships through the Panama and Suez canals, renewing his focus of expanding US influence over critical commercial and naval waterways. While Trump began pushing for an exit of Chinese port operators around the Panama Canal soon after returning to the White House in January, the post on his Truth Social network on Saturday also turned attention to the Suez Canal, which cuts through Egypt to link the Mediterranean and the Red Sea. 'Those Canals would not exist without the United States of America,' Trump said, adding that he's asked Secretary of State Marco Rubio to 'immediately take care of' the situation. Trump's focus — with tariffs and other measures, such as proposed fees at US ports — has been on Chinese commercial shipping and shipbuilding, with the ultimate goal of promoting a revival of US shipbuilding. The US government argues that China's dominance in ship construction was achieved unfairly and harms US interests. US commercial shipbuilding, once a global leader, has shriveled since the 1980s due to subsidy cuts and foreign competition. Panama in February promised free passage for US warships through the canal, used mostly by the US and China, after Trump criticised Chinese influence over the waterway and threatened to 'take it back.' A plan by CK Hutchison Holdings Ltd to sell its Panamanian port assets to a consortium led by Blackrock Inc. has run into opposition from China and a financial dispute with Panama.
