In­dia Sotheby to ex­pand in Sri Lankan prop­erty mar­ket

Daily Mirror (Sri Lanka) - - REAL ESTATE/CONSTRUCTION -

PTI: In­dia Sotheby’s In­ter­na­tional Realty, which is into ad­vi­sory ser­vices for lux­ury prop­er­ties, has signed an ex­clu­sive master fran­chisee to ex­pand Sotheby’s brand in Sri Lanka.

The com­pany, an ex­clu­sive master fran­chisee of Us-based Sotheby’s In­ter­na­tional Realty, will do busi­ness as Sri Lanka Sotheby’s In­ter­na­tional Realty.

The Sri Lanka busi­ness will be led by In­dia Sotheby’s In­ter­na­tional Realty’s CEO Amit Goyal and Pres­i­dent Ash­win Chadha.

“Sotheby’s In­ter­na­tional Realty Af­fil­i­ates LLC has signed a 25-year ex­clu­sive agree­ment with In­dia Sotheby’s In­ter­na­tional Realty, to fur­ther ex­pand the Sotheby’s In­ter­na­tional Realty brand in Asia with its first of­fice pres­ence in Sri Lanka ex­pected in April 2018,” the com­pany said in a state­ment.

Sotheby’s In­ter­na­tional Realty Pres­i­dent and CEO Philip White said that Sri Lanka is an at­trac­tive mar­ket for the brand.

Re­cently, In­dia Sotheby’s raised US$2 mil­lion from high net worth in­di­vid­ual to ex­pand its op­er­a­tions in Ben­galuru, Kolkata and Gur­gaon as it ex­pects de­mand for premium hous­ing to rise. Be­fore that, it had en­tered into an eq­uity deal with Ben­nett Coleman and Com­pany Ltd (BCCL) worth US$7 mil­lion.

Sotheby’s is a 270 year old world-renowned brand that is syn­ony­mous with lux­ury, with in­ter­ests in ar­eas like auc­tion, di­a­monds, wine and real estate.

Sotheby’s In­ter­na­tional Realty op­er­ates a global net­work of over 21,000 agents across 71 coun­tries with 900 of­fices with a unique on­line plat­form to sup­port. In 2016, the brand achieved a record global sales vol­ume of US$95 bil­lion.

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