Chennai-based entertainment service provider Sathyam Cinemas and Express Infrastructure on Tuesday signed an agreement to construct a 'high-tech' multiplex in the 'Express Avenue Mall' here.
Claiming that this multiplex would be the largest in south India, Sathyam Cinemas Chief Operations Officer Tan Ngaronga said with eight screens, Sathyam Cinemas at Express Avenue would be the destination point for every movie lover in the city.
Under the agreement, Sathyam cinemas would operate the multiplex.
Express Avenue Mall -- to be built over an area of ten acres at an estimated cost of Rs 750 crore -- would be the first mall in the city to come up with a combination of shopping centre, office space and boutique hotel, Express Avenue COO Kim Culley said.
first phase of the 1.8 million sq. ft. Rs.750 crore Express Avenue, billed to be south India’s largest shopping mall cum commercial and hospitality complex, is expected to be ready here early next year.
“The first phase will have 11 lakh sq.ft. retail space and will house about 260 retailers - anchor retailers like Lifestyle, Future Group - and others, food court, multiplex theatres,” R.R. Aroonkumar, chief financial officer of Express Infrastructure Pvt Ltd, told IANS Tuesday.
According to him, 64 percent of the retail space has been booked and negotiations are on for the rest.
Express Infrastructure has signed an 18-year multiplex theatre lease agreement with Sathyam Cinemas for running eight theatres inside Express Avenue.
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