India: BrideStreet Worldwide has signed a 10-year franchise agreement with Everlike Buildcon Pvt, a division of Silverglades, for Merchant Plaza in Sector 88 of Gurgaon.
The 2.75-acre Merchant Plaza development is a mixed-use 192-unit
property including 2.5 million square feet of serviced apartments,
retail and commercial spaces, with amenities including a pool and
gym. Located on the Dwarka Expressway, the project offers
connectivity to the IGI airport and the national capital.
The agreement is a product of BridgeStreet's master collaboration contract in India with JNB Group, which will manage the property. The development features 168 studios, 16 one-bedroom and eight two-bedroom units and is scheduled to open in 2017. The deal also includes the potential for two additional 10-year renewal terms.
Sean Worker, chief executive officer of BridgeStreet, said: "It is important for BridgeStreet to acknowledge this burgeoning market and place emphasis on our continued expansion in India as shown through our contract and close working relationship with JNB Group, our prior franchise entry into the market and now this strategic extended relationship with such a renowned company as Silverglades. Our development team is thrilled with the growth in Gurgaon and we look forward to the success of this deal and those to come throughout the region."
Anubhav Jain, director at Silverglades, said: "This strategic tie up with BridgeStreet will not only ensure smooth management and seamless operations but it would also provide impeccable services to the occupants and the guests. The Project is expected to be operational by 2018."