Company Profile
West Pioneer Properties is a leading developer and operator of high-quality consumer/retail centric shopping malls in India. The Group intends to acquire land in strategic locations in west and southern India, primarily in Tier II cities. The land will be used to build, own and manage shopping malls, hotels or mixed mall/ hotel complexes.
Since West Pioneer’s acquisition of Westfield Properties, the Group is separated into two branches, West Pioneer Properties limited, incorporated in the British Virgin Islands, the publicly listed holding company and West Pioneer India, which focuses solely on Indian operations.
The retail market opportunity in west and southern India is derived from a combination of a virtually unpenetrated organised retail environment, a rapid increase in middle class, greater transparency in the property market, and improved infrastructure development which provides access to the market.
Kalyan
West Pioneer’s first shopping mall, in Kalyan, 30 miles north-east of Mumbai, continues in line with expectations and is largely on schedule in terms of budget and timing. Approximately 85 per cent of the construction of Phase I has been completed. Phase II is expect to commence by the end of the first half of 2008.
Aurangabad
The Group is progressing with the project as planned in Aurangabad, which is intended to be a mixed-use shopping mall/ hotel development. Good advancement has been made in obtaining necessary permissions and the Concept & Design Plan has been finalised. There is continued interest from retailers to lease space within the site and negotiations with potential anchor tenants are in progress.
Nashik
Recently the Group has acquired a 17 acre site in a prime location in Nashik, Maharashtra, for the development of a shopping mall or a mixed-use shopping mall and hotel complex on the site. The Group will shortly commence the process to obtaining the necessary permissions.