Asipac tied in to build up real estate project in Brazil

Bangalore, Jan 29 Bangalore-based real estate consulting firm Asipac has been requested to join a association that is developing Rs 70,000-crore luxury real estate project in Brazil.

The project is sketched on 6,350 acre site, the company said in a statement.

The project is being promoted by a association of investors based in Brazil, France, Spain and Taiwan.

Asipac’s role will be to do a detailed possibility study, help lift $1.2 billion development capital for the project, manage the master planning and design process, get co-developers and area operators, and oversee universal marketing & sales efforts Asipac expects to produce a fee of about $85 million from the project.

After receiving approvals from the Reserve Bank of India (RBI), it will incorporate an offshore subordinate based in London to undertake its commitments.

Asipac has a fee order book of $65 million and expects to earn fee income of $30 million in FY’09 and more than $80 million in FY’10, apart from the Brazil project.