You are here: Home » Companies » News » Real Estate
Business Standard

Ascendas-Singbridge, GIC acquire 16-acre land in Pune for infotech SEZ

Land parcel was bought from the Kohinoor group; deal size is about Rs 200 cr

BS Reporter  |  Mumbai 

Singapore IT Park firm plans expansion in India

Singapore-based investor-cum-developer and Singaporean sovereign fund have bought a 16-acre land parcel in from the local developer group. The deal size is about Rs 200 crore.

The land parcel is in Kharadi area of With a total development potential of 2.2 million square feet, the land parcel will be developed into an infotech special economic zone, the duo said in a release. The first phase will offer approximately 1 million sq ft of space and is scheduled to be completed by early 2020.

Sanjay Dutt, chief executive, operations and private funds, Ascendas-Singbridge India, said, "has seen a consistently strong demand for business space, which is evident from the high occupancy levels at our IT parks in the city managed by Ascendas-Singbridge. With this new site in Kharadi, we will be able to offer our occupiers more options within the city. This development will offer the best in terms of quality, services and amenities to enable our occupiers to manage their operations efficiently and enjoy the best experience."

This latest acquisition under the AIGP is in line with plans by Ascendas-Singbridge and to grow their portfolio and deepen their presence in the country, the companies said,

This is the second investment by the Ascendas India Growth Programme, in which is a principal investor along with Ascendas-Singbridge. Set up in 2013, AIGP has a target asset size of S$600m. Its first investment was in the International Tech Park at Gurgaon.

This is the second land deal in in recent weeks after the investment platform of and (CPPIB), for Rs 160 crore.

recently said it was setting up a joint venture (JV) with industrial properties developer Firstspace Realty for building logistics and industrial facilities in the country.

Over five to six years, the JV plans to develop close to 15 million sq ft of space, and invest $600 million (Rs 3,800 crore) to develop new centres.

First Published: Wed, August 23 2017. 18:40 IST