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A consortium consisting of Ascendas-Singbridge and Sembcorp Development plans to build a visitor centre and exhibition gallery within the start-up area of Amaravati, the greenfield capital city of the Indian state of Andhra Pradesh.
The development has a working title of Phase Z.ro and has a gross floor area of 4,000 sq m. It will serve as the “foundation of the start-up area and a key touch-point for visitors and citizens to get a glimpse of Amaravati as it develops,” according to a statement jointly issued by both firms on Monday (26 February).
“It would also serve as a platform for business promotion and a gallery for sustainable urban solutions concepts applicable to the future capital city. Phase Z.ro would also function as a community hub, with its expansive land area of over two hectares. Local residents would be able to access it for recreation and community engagements.”
Previously, the consortium was appointed by the Andhra Pradesh government as master developer of the start-up area in May 2017 via a Swiss Challenge. The 684ha start-up area is located along the Krishna River, within the districts of Guntur and Krishna.
Phase Z.ro will be jointly undertaken by the consortium’s local unit Singapore Amaravati Investment Holdings and the state government’s Amaravati Development Corporation. However, the terms of the joint venture are still being finalised, and the project will be carried out in compliance with the specifications announced during the Swiss Challenge process.
Ascendas-Singbridge is 49 percent owned by JTC Corporation, while the remaining 51 percent is held by Singapore’s sovereign wealth fund Temasek Holdings. It is one of Asia’s leading providers of business space solutions and sustainable urban development services, with assets under management of more than $20 billion.
In India, it focuses on building, managing and marketing IT parks, industrial & logistics parks and integrated developments. Currently, it runs over 13 million sq ft of properties there collectively valued at about $2.2 billion.
Meanwhile, Sembcorp Development is a wholly-owned unit of Sembcorp Industries, a Singapore-listed conglomerate with more than $23 billion in total assets.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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