Ascendas-Singbridge Group Thursday said it has acquired a 12.20-acre land parcel from GSquare Group in Chennai for an undisclosed amount to develop an IT park.
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 company said in a statement issued here.
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 and CyberVale), an integrated industrial development (OneHub Chennai), and two logistics and warehouse facilities at Oragadam and Periyapalayam by Ascendas-Firstspace.
The first phase of the International Tech Park (ITPC- Radial Road) will offer around 1.10 million sq ft of Grade A business space and construction will commence soon based on approvals, it said.
"Chennai is a key market for our India business, and this acquisition further demonstrates our commitment to the state. 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," company's CEO, India Operations and Private Funds Vinamra Srivastava said.
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