Express Infrastructure Pvt Ltd, the 100 per cent subsidiary of Express Newspapers Pvt Ltd, is under expansion mode and in the process of buying the land for its solar project, a company official has said.
The company is exploring various other projects in other cities and states, according to company senior vice president-finance, Suraj Das.
Express Avenue Mall (EA Mall) operated by Express Infrastructures in Chennai witnessed an increase of 13 per cent on rental revenue compared to the pre-COVID level, Das said in a company statement.
"Retail space in EA mall is running at 97 per cent occupancy of which 45 per cent is occupied by anchor retailers. On commercial space, it is occupied at 86 per cent," he said.
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"Our e-residence luxury home segment has picked up the sales velocity and our e-hotel, the hospitality sector, is showing consistent growth at 85 per cent occupancy with good ADR and banquet revenue. Under the leadership of MD Kavita Singhania, the company is in expansion mode and foraying into buying the land for the solar project and exploring various other projects in other cities/states," he said.
The EA Mall houses close to 80 apparel retail outlets that registered strong performance and record sales during the Christmas 2022, New Year and Pongal festive seasons.
"The recovery is rebooted back in EA Mall and the performance remains strong. This is evident from EA Mall rental revenue which has gone up by 13 per cent compared to the pre-Covid level," Das said.
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