Keppel Land and TVS Emerald to develop premium condo in Chennai

KEPPEL Corp said on Monday that Keppel Land has entered into a joint venture with leading Indian developer Emerald Haven Realty (TVS Emerald), a TVS Group company, to jointly develop a freehold condominium project on a prime 2.4 hectare site in south Chennai, India.

Keppel Land will acquire a 49 per cent stake in the joint-venture company at a total consideration of about 772 million Indian rupees (S$14.1 million). The total development cost is expected to be about 5.4 billion rupees (S$98.2 million), with Keppel Land's share estimated to be about 2.6 billion rupees.

Completion of the acquisition is subject to certain conditions precedent and is expected to take place in the first half of 2021.

The project is located along Pallavaram Thoraipakkam Radial Road, a fast-developing information technology (IT) corridor in south Chennai.

Keppel Land and TVS Emerald plan to develop a premium condominium with a total saleable area of about 1.0 million square feet; the development will comprise apartments in mostly two- or three-bedroom configurations, with many units offering scenic views of the adjacent Kovilambakkam Lake.

Construction for the development is expected to start in the third quarter of 2021.

Ho Kiam Kheong, president (India) of Keppel Land, said: "We are delighted to collaborate with TVS Emerald, one of the top developers in Chennai, for this premium residential project. This partnership is in line with Keppel Land's strategy to strengthen our presence in top-tier cities in India such as Chennai."

K. Gopala Desikan, director of TVS Emerald, said: "TVS Emerald has been developing and delivering state-of-the-art projects in Chennai for close to seven years... We are confident that this joint venture will result in the development of an exemplary project of superior quality and sustainable living. We are also excited to create a platform with Keppel, to bring in future, larger mixed development projects to Chennai."

Chennai is the capital city of the state of Tamil Nadu, the largest industrial and commercial hub in south India.

Keppel added: "The site enjoys convenient access to the Chennai International Airport, the established IT corridor of Old Mahabalipuram Road, as well as amenities including reputable educational institutions, hospitals and retail malls."

Keppel shares fell five Singapore cents or 1.08 per cent to S$4.58 on Monday.