Sathyam Cinemas to unveil 8-screen multiplex in Chennai

Sathyam Cinemas is to launch its new eight-screen multiplex at one of the Chennai’s upcoming malls Express Avenue. Announcing the tie-up today, Mr Kim Culley, Chief Operating Officer, Express Avenue, said the mall will also house an array of luxury and premium brands. The over 12-lakh sq. ft complex will have a total of nine lakh sq. ft retail space, two-lakh sq. ft office space and a 60-70 room hotel at a built-up area of over one lakh sq. ft.

The promoter of the project, Express Infrastructure, has invested close to Rs 400 crore in the project, “funded through internal accruals and debt”. The “destination mall” will also feature a 40,000-sq. ft theme-based food court, parking facility for 1,700 cars, 14 lifts, eight escalators and a travelator. According to people in the know, a Future Group’s retail brand will run a hyper market. Marks & Spencer and Dubai-based Landmark group’s LifeStyle will also be anchor stores. Sources also said the lease rental is fixed at Rs 200 a sq. ft, and the mall will be maintained by the company itself. Sathyam Cinemas currently operates one multiplex in Chennai. It has annual admissions of more than three million customers in its six screens.

- Business Standard