40 acre lake front property, scenic location, close to the bird sanctuary

Project worth 350 million AED

Project to be marketed across the GCC

21 May 2008, Dubai: Pegasus Realty and Hotel Developments Pvt. Limited, an offshoot of Dubai based realty solutions firm Pegasus Realty LLC, today announced the launch the only 6 star luxury spa resort in the scenic locales of Kumarakoam, Kerala. This 40 acre lake front project is valued at 350 million AED and is likely to get completed by the year 2011.  Besides India, this project is also targeted at interested investors in GCC and other parts of the world looking at lucrative investment options.

On the launch of this project, Mr. Imtiaz Panjwani, Managing Director, Pegasus said, "Kerala is one of the most sought after tourist destinations in the world today. Conde Nast Traveller has rated Kerala as one of the top 10 popular destinations in the world. In the year 2007 the inbound tourist traffic to Kerala, went up by 20% and there is a need for a world class luxury resort there. It's a place which is very rich in culture and tradition and has its own distinct style of architecture. The resort will be designed in traditional Kerala style architecture which will help us in retaining the traditional look.  We are adopting environment friendly measures to make this project completely green. This resort will be the only one of its kind 6 star resorts in the country. We aim to make it the first 6 star resorts in Kerala, with amenities that can be compared to some of the best in the world."

Adding further Mr. Panjwani said, "A part of the resort is set aside for investors who are interested in owning a piece of this luxury resort and also earn steady returns on this investment."

The 6 star resort & spa, which will be located on the banks of the scenic Vembanad Lake in Kumarakoam, proposes to have 140 villas of different styles, which would include spa villas, pool villas, chalets and condos. All the villas will face the beautiful and sprawling Vembanad lake. The resort will also boast of a 50,000 sq. ft spa, which will provide ayurveda treatments, massage centre, fitness centre, beauty treatments, meditation and yoga centre and other rejuvenating therapies. The company is in talks with various international hospitality chains and has also received Letter of Intent from them for the operations.

Headquartered in Dubai with representative offices in Bahrain, London, Nice and Monaco and a portfolio of over 200 properties, the hospitality project in India will be the company's first foray into hospitality development. 

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About Pegasus
With a turnover of more that USD 2 billion, Pegasus Realty is one of the most prominent names in the real estate industry. The company was incorporated in Dubai in the year 2002, when the freehold sector opened up for development. With headquarters in Dubai and offices in London, Nice and Monaco, Pegasus boasts of an impressive portfolio of over 200 prime properties holding keys to the best and most luxurious residences worldwide. The company also deals in portfolio asset management.

© Press Release 2008