Mumbai, April 22 (IANS) Two of the worlds leading real estate retail management services - New York-based Jones LangSalle Incorporated (JLI) and Australias Colonial First State Property Management - have formed a new company, Sandalwood Asia. The joint venture (JV) will concentrate on retail development and management services in Asia. The 50:50 JV companys prime aim will be to help developers from India and other Asian countries to capitalise on premium retail opportunities and assess long-term value of small owners by evaluating their assets.
Announcing this here Tuesday, Anuj Puri, chairman and country head of Jones Lang LaSalle Meghraj (the Indian branch of JLI), said through Sandalwood Asia, we intend to create a long-term value for retail assets and also introduce Indias small real estate owners with intensive practices used internationally for benchmarking the assets.
Taking the cue further, head of Colonial First State Property, Darren Steinberg, pointed out that the real gross domestic product (GDP) compound average growth of Asian economies has been approximately nine percent per annum in the last five years, with retail management and property development markets showing a compound average growth rate of more 20 percent in the same period.
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