In a first of its kind investment proposal in Vijayawada, Guntur, Tenali and Mangalagiri region, Taiwan-based Pan Pacific Corporation would invest 1 billion dollars in real estate sector in Andhra Pradesh, according to the company’s CEO Michael Rosen.
Addressing a press conference here on Sunday, Dr. Rosen said that they have zeroed in land chunks near Tenali.
About 50 acres of land near JMJ College would be developed shortly. Commercial and residential buildings would be constructed, he said.
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The investments would be made through locally familiar Chadalavada family. A firm would be floated shortly to take forward the mission. To provide affordable and decent houses would be objective of the new firm, he said.
To start with, the investment was pegged at 1 billion dollars.
The investments would be scaled up in years to come, he said, adding, the operations would be extended to other cities like Visakhpatnam.
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Chadalavada Tirupati Rao and Chadalavada Srinivasa Rao, who were partners in the real estate business, were present.