Phoenix Mills shares gain 5% after launching new mall in Bengaluru

The new mall will have a commercial space which is said to create 5000 jobs in the city.

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Phoenix Mills share price soared by 5.1% to Rs 1835,8 at 11:57 am on the National Stock Exchange (NSE) after the real estate company announced the launch of a new mall in the city of Bengaluru. Phoenix Mall of Asia, which will be built on 12 lakh square feet of land, will feature more than 440 brands and a 250,000 square foot entertainment zone, the company said in a stock exchange filing on October 27.

The mall will be the second mall developed by Phoenix Mills in Bengaluru and will be developed in partnership with CPPIB.

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A commercial office space on an area of 8 lakh sq. ft will also be developed in a phased manner, construction of which will start later this year. It is said to create 5,000 jobs in the city. “This development is strategically located amidst growing residential areas, IT Parks and office development sites in a rapidly developing area of the city and it has easy access from the airport and seamless connectivity to other city centres through means like the new metro,” said Shishir Shrivastava, Managing Director at Phoenix Mills.

Also Read | Phoenix Mills surges 6% to hit a new high on positive outlook

The mall is said to become a luxury destination having brands like Emporio Armani, Versace, Rolex, and others.

Shares of Phoenix Mills have gained 30 percent in the last six months and 25 percent in the last year.

Phoenix Mills is a retail mall developer which owns and operates hotels like St Regis, and Courtyard in Mumbai.

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