Bullish on India, watch out for more exciting projects, says Trump Jr
Trump Organisation, headed by real estate and media tycoon and now US presidential candidate Donald Trump, which recently announced a “brand tie-up” with private equity fund and developer Ireo in Gurgaon and is developing two projects in Mumbai and Pune, has “a very aggressive pipeline in the north and east. (The company) will look forward to the announcement of several exciting new projects in the months ahead, Trump’s son and the organisation’s executive vice-president of development and acquisitions, Donald Trump Jr, said in a recent interview with Namrata Kohli. Here are some excerpts
Your father sees a lot of potential in Indian real estate and the Indian leadership. We hear projects are being planned in north and east India and plans are being made to enter the hospitality sector. How much of it is true?
We are very bullish on India and plan to build a pan-India development footprint for Trump branded residential and office projects. We have a very aggressive pipeline in the north and east and look forward to the announcement of several exciting new projects in the months ahead.
Trump defines luxury real estate. What according to you, are the top three criteria for a project to qualify as a luxury property?
There are many factors that go into creating a luxury property but it all starts with the location. Finding the best location within each market is key for us.We then focus on the pillars in which the Trump brand was build upon --- the highest levels of quality, meticulous attention to detail and world-class service. For us, it’s about preserving the brand for the future, something that isn’t possible without continued and consistent attention to the details. With each of our projects whether it be in Vancouver, Scotland, Manila or India, we are continuously raising the bar when it comes to luxury, quality and service.
How much of a premium does a Trump home typically command over and above the market price? It is believed that both your projects (with Panchshil Realty) in Pune and with the Lodha Group in Mumbai are commanding a premium of over 25% over market pricing. Is it just for the Trump brand?
Although each market is unique, we are incredibly proud of the premiums that Trump properties continue to achieve in their respective locations. Trump Tower Mumbai and Trump Towers Pune are two great examples of Trump properties significantly outperforming the competition.
In your projects so far, there has been no capital investment and you have chosen to work with local developers (in India) via brand licensing agreements. Would you go ahead with licensing strategy or an ownership based strategy in your future projects? Do give us the pricing and stage of completion of your Indian residential projects.
We are incredibly excited about the response to the Trump brand in India.We have two incredibly successful projects in Pune and Mumbai and have just announced our first commercial development in Gurgaon. As with all three of these unique and exciting projects, we have developed relationships with amazing teams of professionals. Each of the developers we are working with (The Lodha Group, IREO and Panchshil Realty) bring tremendous expertise within their market and as a collective we have been able to execute projects that will forever change the skyline in their respective cities. We have aligned ourselves with companies that are true visionaries and share our same values and principles in real estate development. Trump Towers Pune is almost complete, and comprises of two striking glass towers of 23 floors each, offering 46 spectacular single-floor residences. Each apartment at Trump Towers is currently priced at approximately Rs 15 crore. At Trump Tower Mumbai, there are 400 apartments priced at Rs 9 crore onward for 3-bed residences and Rs 12 crore onward for 4-bed residences. The project is expected to be completed by December 2018.