Sunteck Realty’s stock witnessed a significant uptick during early trading on April 3, buoyed by the news of the company finalizing a long-term lease agreement for its second commercial property in Mumbai.
At 9:16 am, Sunteck Realty was trading at Rs 432.00, reflecting a rise of Rs 2.30, or 0.54 percent.
In a press release, the company announced that it has reached a long-term understanding for its premium commercial building, Sunteck Icon, situated at BKC Junction, with Bennett, Coleman & Co Ltd.
Spanning an impressive 2 lakh square feet, Sunteck Icon commands a monthly rental rate of approximately Rs 300 per square foot on a carpet area basis.
The agreement is poised to significantly bolster Sunteck Realty’s revenue streams, with projections estimating earnings of close to Rs 2,000 crore over a 29-year period.
Kamal Khetan, Chairman of Sunteck Realty, expressed delight in the company’s continued success, building upon the achievements of 2023 with the leasing of BKC51 to Upgrad. He announced the latest milestone of securing a deal for Sunteck Icon, our premium, world-class commercial building, with Bennett, Coleman & Co Ltd.
Highlighting the combined performance of the two rental assets, Khetan stated that they are expected to deliver an impressive average return of 30 percent on the invested capital.
In addition to these achievements, Sunteck Realty recently unveiled plans to expand its ‘uber luxury residential portfolio’ with entries into Nepean Sea Road and Bandstand-Bandra West, boasting a Gross Development Value (GDV) exceeding Rs 3000 crore.
The share price of Sunteck Realty reached a 52-week high of Rs 511.65 on December 4, 2023, and a 52-week low of Rs 271.25 on June 23, 2023. As of now, the stock is trading 15.57 percent below its 52-week high and 59.26 percent above its 52-week low.
Sources: moneycontrol.com
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