Sentosa, the 500-hectare amusement island of Singapore, is the buzz in the proposed capital region of Andhra Pradesh and among NRIs of Singapore.
After the AP government’s proposal to develop Sentosa-like facility in Bhavani island in Vijayawada, a realty firm is planning a residential and commercial project named after Sentosa.
Infrastructure arm of the Hyderabad-based Malaxmi Group is coming up with Rs. 100-crore luxury real estate project Sentosa in the proposed capital region of AP. The firm also has plans to come up with infrastructure and hospitality projects in the region. Malaxmi is currently present in power and agricultural sectors and is looking at expansion in the capital region.
“We are officially launching the project in Vijayawada on January 25. We are even looking at collaborating with several entities including NRIs,” said Y. Harish Chandra Prasad, Chairman of Malaxmi Group.
Sources said the integrated project includes dwelling units, each priced at over Rs. 1.5 crore and above. Besides, the group is also planning to make significant presence in hospitality, healthcare and tourism segments in the region. Union Minister of State for Science and Technology Y.S. Chowdary is likely to inaugurate the project Sentosa.
The State government had earlier hinted at plans to develop the 133-acre Bhavani Island on the lines of the luxury-entertainment island Sentosa. Chief Minister N. Chandrababu Naidu had asked officials to chalk out plans to even develop a rope-way, which is one of the key features at Sentosa, according to AP Tourism Development Corporation Executive Director Amarendra Kumar.
The State government is mulling a revised tourism policy to ensure investor-friendly environment in the segment so that such tourist attractions can be developed in the public private partnership (PPP) mode.
NRIs in Singapore are also waiting for a conducive plan to facilitate investments in the capital region.
“Many Telugus, who have settled in Singapore and sitting on disposable cash, are waiting for avenues to invest and the name Sentosa is very catchy. Tourism, housing and infrastructure projects could be very attractive for NRIs here,” said Singapore based Telugu NRI Venu Velpuri, who is taking active part in mobilising Singapore investments for Andhra Pradesh.
