Made in America, Trump(ed) in India
US-based billionaire realtor-turned-socialite Donald Trump is wooing potential buyers from India for his 45-storey Trump International building coming up in Manhattan, reports Vyas Mohan.Updated: Sep 12, 2008, 01:22 IST
It’s a sweet seduction for prime property, and to stay afloat.
US-based billionaire realtor-turned-socialite Donald Trump is wooing potential buyers from India for his 45-storey Trump International building coming up in Manhattan.
Trump International CEO Donald Trump rebuilt his fortunes after going bust in the late 1980s recession and accumulating a personal debt of around $900 million. This time around, the US giant seems to be eager to find buyers from across the world to ward-off a relapse of fate.
Trump International officials are in Mumbai meeting potential buyers for the 480-foot glass-façade Trump SoHo Hotel condominium at 246 Spring Street, New York facing the Hudson river and the Statue of Liberty. The 386,000 sqft building will house 407 guest rooms, five penthouses and one presidential suite.
The company is understood to have spoken to potential investors in India. It has invited major financial firms including Indiainfoline and Indiabulls to attend a Trump SoHo presentation at the Trident Hotels at Nariman Point in the city on Friday. People close to the development said Indian financial firms could be interested in setting up an office in the world's financial capital.
“We are getting good response from Indian buyers,” said Sandra Domigues, senior sales executive, Trump SoHo. She is is in Mumbai talking to potential buyers. “Until recently, we had been seeing good interest from overseas investors because of weaker dollar.”
Experts think the trend may catch up fast. “This is a reverse flow,” said Pranay Vakil, chairman, Knight Frank India, an arm of the UK-based property advisor. “Americans offering expensive properties in India has been never seen before. Large international developers are now eyeing the enormous wealth created by Indians staying in the country and elsewhere.”
“This is the first time that American property developers are looking for buyers in India. However, the recent depreciation of the rupee could affect the appetite for such properties,” says Susobhit Aarwal, joint MD, Jones Lang LaSalle India.
(With inputs from Lalatendu Mishra)