SINGAPORE (Jan 3): Ascendas-Singbridge Group has acquired a 12.2-acre site in Chennai for an undisclosed sum from GSquare Group, making it Ascendas-Singbridge’s sixth property in the city.
With a total development potential of 2.3 million sq ft, the land parcel located on Pallavaram–Thoraipakkam Road, also known as Radial Road, will be developed into a new IT park named International Tech Park Chennai (ITPC) – Radial Road, after the group’s flagship International Tech Park Chennai – Taramani (pictured in main image).
In a Thursday announcement, Ascendas-Singbridge estimates the first phase of the Radial Road development to offer about 1.1 million sq ft of Grade A business space.
Construction will commence soon, adds the group, depending on approvals.
The upcoming IT park will join Ascendas-Singbridge’s current Chennai portfolio of two IT parks (Taramani and CyberVale); an integrated industrial development named OneHub Chennai; as well as two logistics & 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,” says Vinamra Srivastava, CEO, India Operations and Private Funds, Ascendas-Singbridge Group.
“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,” he adds.
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