Real estate developer Embassy Group, has closed the sale of one of its branded private residences, at its flagship luxury integrated development – Embassy ONE. The 30th-floor, single level unit of the new Four Seasons Private Residences at Embassy ONE, has been sold for a record-breaking Rs 50 crores, the highest so far, for a branded residence in south India. The buyer, who spends a considerable amount of time overseas, has chosen to remain anonymous.
Located at the gateway to north Bengaluru, the sale of this 16,000-sq ft 30th floor residence, is now at par with prices in the ultra-luxury market segments in Mumbai and the NCR. Bengaluru is among the top three cities to have witnessed unprecedented growth in demand for ultra-luxury homes, in the last two years. The year-on-year growth of ultra-luxury homes in the city, is at an all-time high and the estimated total value of ultra-luxury housing projects in various stages of construction in Bengaluru, are valued at Rs 6,000 crores, according to a JLL report.
Reeza Sebastian, senior vice-president, residential business, Embassy Group said, “We are elated to have sold Bengaluru’s most expensive residential property. Luxury home owners are more specific about the legacy of brands, quality of construction, the promise of delivery and assurance of continued impeccable levels of service. The Embassy Group, Four Seasons Hotels and Resorts and Blackstone being leaders in their own spaces, have recognised these aspirations of residential home buyers and partnered to create these 109 iconic homes that are among the most desirable in the city.”
James Price, vice-president, residential, Four Seasons Hotels and Resorts said, “The sale speaks of the value and benefits that Four Seasons brings as a brand and is a vote of confidence in the project. We are excited to have partnered with the Embassy Group, to create this remarkable lifestyle opportunity, in one of the fastest growing cities in the world – Bengaluru.”