Ascendas-Singbridge buys 12.20 acre land to develop IT park in Chennai
MUMBAI: Singapore- based Ascendas-Singbridge Group on Thursday said it has acquired a 12.20 acrelandparceltodevelopa 2.30 million sq ft information technology (IT) parkinChennai.
A spokesperson with Ascendas-Singbridge declined to comment on the financial details on the transaction. The total deal is estimatedtobearound₹175crore, said a person who is aware of the development.
AcquiredfromChennai-based GSquareGroup, thelandparcelis located on Pallavaram–Thorai- pakkam Road (also known as Radial Road), an upcoming IT corridor that is connected to Old MahabalipuramRoadandGrand Southern Trunk Road, the two existing major IT corridors in Chennai. ThenewITparkwillbe named International Tech Park Chennai (ITPC)–Radial Road as an expansion of Ascendas-Singbridge Group’s iconic International TechParkbrand. It hastwo ITparksinChennai, ITPC–Taramani and Cybervale, the company said in a statement. The parkwill bedevelopedinvarious phases. Around 1.10 million sq ft will be built in the first phase of the development. Construction will commence soon based on approvals.
This will be Ascendas’ sixth property in Chennai. Its other properties include anintegrated industrial development(OneHub Chennai), and two logistics and warehouse facilities at Oragadam and Periyapalayam by Ascendas-Firstspace.
“Chennai is a key market for our India business, and this acquisition furtherdemonstrates our commitment to the city and the State of Tamil Nadu. ITPC– Radial Road is well-located in an up-and-coming, high-growth area, andwillstrengthenAscendas-Singbridge Group’s International TechParksuiteofbusiness space solutions,” said Vinamra Srivastava, chief executive (CEO), India Operations andprivatefunds, Ascendas- Singbridge group.
Headquartered in Singapore, the group has a presence across 11 countries in Asia, Australia, EuropeandtheUnitedStatesand managesassetswortharound$20 billion globally.
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THE NEW PARK WILL BE NAMED INTERNATIONAL TECH PARK CHENNAI