Ashwin Sheth Group has acquired a 50% stake in Project One Marina, a landmark luxury residential development located on Marine Drive, Marine Lines- one of South Mumbai’s most coveted addresses. Set against the iconic sea-facing promenade, this project promises to redefine luxury living with its panoramic views and distinguished design.
In a dual-fold strategic announcement, PAG, Singapore, one of Asia’s leading alternative investment firms, has committed USD 65 Million (Rs540+ Cr.) to fund the construction and development in the landmark Rs2,300 Cr. GDV deal. The deal also facilitates the exit of the previous lender, J.C. Flower ARC, effectively paving the way for Ashwin Sheth Group to steer the project’s future course.
Ashwin Sheth, Chairman and Managing Director of Ashwin Sheth Group, said, “With One Marina, we aim to create a truly exceptional living experience, making it one of the most premium residential addresses in South Mumbai. With this project we aim at demonstrating our strategic focus on South Mumbai with multiple other upcoming projects to redefine the luxury/ultra-luxury segment. Our partnership with PAG ensures that the project will receive the investment and expertise needed to realize its full potential.”
Sunil Hotchandani, Head – Fund Raising at Ashwin Sheth Group, added, “This partnership is a continuation of our strategy to unlock and deliver value in legacy and underutilized projects: With PAG’s financial support and our proven development track record, One Marina is well-positioned for a successful turnaround.”
