Zoom to invest $100 mn in Philippines for condominiums

NEW DELHI: Real estate firm Zoom Developers on Monday said it would invest 100 million dollar to develop 15 lakh sq ft condominiums in Philippines.

"We have proposed a capital outlay of $100 million for construction of 600 condominiums in Forbes park area," Zoom Developers CEO Rumneek Bawa said in a statement.

For this, Zoom Developers has signed a memorandum of understanding with Philippine's Land Bank Company.

"Having recognised the need and vantage of such condominiums in the plush metros, we are thoroughly encouraged to develop such facilities for the residents of Manila and Makati," Bawa said.

Zoom Developers has tied up with leading international architect firm 'Palafox Associates' for designing of the project, Bawa added.