Asian Cotton turns to property development

The Asian Cotton Mills Ltd (Ascot) is set to make a 600 million-rupee profit in seven months with its latest joint venture with Roton Vander (Freighting) Ltd to develop a commercial property at Darley Road opposite the HNB towers.

“The rentable area of 64,000 square feet will have eight floors with a night club on the top floor,” said a property developer. He said that the main reason for Boston Capital Ltd, main shareholders of Ascot, investing in this land was because of the benefits that could accrue from the fibre optic cable that runs only along the Darley Road. Ascot Ascot Developments (Pvt) Ltd has been formed by Ascot with the Darley Road development being the first project.

“Ascot is tapping into the cable and investing in commercial property which will make the property more attractive to potential clients,” the developer, partly involved in the project, said. He added that around 40 – 45 vehicles can be parked and the company has got a 4-5 year bank facility which is very attractive. He said the investment by Ascot for this project is nearly Rs.140 million and the construction period is estimated at seven months.