Ascendas Singbridge acquires 12.20-acre land parcel in Chennai

Indian workers build an information and technology park in the eastern Indian city of Kolkata April 26, 2006. Pradip Chopra, a real estate developer in the eastern Indian city of Kolkata, seems to be on a perpetual high these days. Business is a booming for Chopra's business has grown 10 times in the last five years and he is now building shopping malls and housing complexes worth 3 billion rupees ($67 million). REUTERS/Parth Sanyal - GM1DSLXNVOAA

Ascendas Singbridge, a  sustainable urban development and business space solutions provider, on January 3  announced the acquisition of a 12.20-acre land parcel in Chennai from GSquare Group to develop a new IT Park, the company said.

With a total development potential of 2.30 million sq ft, the land parcel will be developed into an IT park with supporting amenities. The first phase will offer approximately 1.10 million sq ft of Grade A business space and construction will commence soon based on approvals.

The land parcel is strategically located on Pallavaram–Thoraipakkam Road (also known as Radial Road), an upcoming IT corridor that is connected to Old Mahabalipuram Road and Grand Southern Trunk Road, the two existing major IT corridors in Chennai, the company said in a release.

The location is accessible by several main roads and well-connected to Chennai International Airport. It is also located in close proximity to residential catchments, educational institutions, and hospitals.

As an expansion of Ascendas-Singbridge Group's iconic International Tech Park brand, the development will be named International Tech Park Chennai (ITPC) – Radial Road, after the flagship ITPC – Taramani.

This will be the group's sixth property in Chennai, and will add to its current Chennai portfolio that comprises two IT parks (ITPC – Taramani & CyberVale), an integrated 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 further demonstrates 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, and will strengthen Ascendas-Singbridge Group's International Tech Park suite of business space solutions. We will continue delivering our best in terms of quality, asset management services, and amenities, with the aim of providing an attractive and conducive business environment for our tenants," said Vinamra Srivastava, CEO, India Operations and Private Funds, Ascendas-Singbridge Group.