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Ascendas-Singbridge acquires India land parcel to develop IT park
ASCENDAS-SINGBRIDGE Group has announced the acquisition of a 4.9-ha land parcel in Chennai from land aggregator GSquare Group.
It has a total development potential of 2.3 million sq ft, and will be developed into an IT park called International Tech Park Chennai (ITPC) - Radial Road. The first phase will offer approximately 1.10 million sq ft of Grade A business space and construction will commence once approvals are done.
Vinamra Srivastava, CEO, India operations and private funds, Ascendas-Singbridge Group, said: "Chennai is a key market for our India business, and this acquisition further demonstrates our commitment to the city and the state of Tamil Nadu."
The IT park is located in an upcoming IT hub that connects to two existing major IT corridors in Chennai.
Mr Srivastava added: "ITPC – Radial Road is well-located in an up-and-coming, high-growth area, and will strengthen Ascendas-Singbridge Group's International Tech Park suite of business space solutions."
The group, owned by Singapore's Temasek Holdings and JTC Corp, currently owns two IT parks, an integrated industrial development and two logistics and warehouse facilities in its Chennai portfolio.