BETHESDA, Md., Sept. 19, 2016 (GLOBE NEWSWIRE) — India Globalization Capital, Inc. (NYSE MKT:IGC) announces that HBA Architecture has been retained as Master Planner and Design Architect for the development of a world-class luxury 5-star hotel in Genting Highlands, Malaysia. IGC’s Malaysia-based project development and management company, Cabaran Ultima, will oversee the estimated $262 million build out.
HBA Architecture and their Project Directors have a prestigious design résumé that includes numerous developments such as the Hilton Hanoi Opera Hotel Refurbishment in Vietnam, Marrisle Boutique Leisure Resort and Club Med Gongshan Island Resort both located in the People’s Republic of China.
IGC previously announced the acquisition of a 10 percent ownership stake in Brilliant Hallmark, the company with exclusive rights to the development of the more than six-acre property that is located in close proximity to Resorts World Genting, a hill resort destination that features the First World Indoor Theme Park and a casino that draws visitors from regions such as China, Korea and The Middle East.
The proposed development of 1,861,000 square-foot of gross floor area comprising of hotel rooms, suites, and a significant commercial space component is expected to embody HBA’s commitment to blend innovation, culture and branding to create an inspirational and landmark property.
“We are pleased to move forward with this significant luxury project in Genting Highlands where we expect strong potential returns over a five year period and further leverages our operational expertise from Cabaran Ultima, which we acquired in February 2016. Based on our preliminary estimates, to be confirmed by a formal feasibility study, robust demand is anticipated for hotel rooms and service apartments in this area and we are confident that our selection of HBA Architecture, a prestigious global firm with expertise in designing exceptional properties, will help establish The hotel as a highly sought after destination,” stated CEO Ram Mukunda.
About HBA Architecture
HBA Architecture is a division of Hirsch Bedner Associates (HBA), the world’s leading hospitality interior design firm. HBA Architecture is a global design practice strategically positioned for the new era of architectural design, development and brand interaction. The firm is keenly attuned to architectural influences of today’s landscape and creates innovative, enduring designs that proudly celebrate, respect and embody the unique heritage of each location. HBA architecture adopts an interdisciplinary design approach that blends innovation, culture and branding to create inspirational landmarks. The firm provides a boutique standard of highly personalized service tailored to suit the unique needs of discerning clients that mandate and achieve design excellence for their projects and markets worldwide. http://www.hbaarchitecture.com/
Internationally, we engage in leasing, trading, developing and managing infrastructure, and real estate projects. We are based in Bethesda, Maryland.
Our website: www.igcinc.us. Twitter @IGCIR Facebook.com/IGCIR/
Some of the statements contained in this press release that are not historical facts constitute forward-looking statements under the federal securities laws. Forward-looking statements can be identified by the use of the words “may,” “will,” “should,” “could,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “intends,” “potential,” “proposed” or the negative of those terms. These statements are not a guarantee of future developments and are subject to risks, uncertainties, and other factors, some of which are beyond IGC’s control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in IGC’s business and acquisition and diversification strategy, competitive environment, infrastructure demands, and governmental, regulatory, political, economic, legal and social conditions in, among other places, Malaysia, China and India. Except as required by federal securities laws, IGC undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information or future events, or otherwise. Other factors and risks that could cause or contribute to actual results differing materially from such forward-looking statements have been discussed in greater detail in IGC’s Form 10-K for fiscal year ended March 31, 2016, and in subsequent reports filed with the U.S. Securities and Exchange Commission.
CONTACT: Contact: Claudia Grimaldi 301-983-0998