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Ascendas-Singbridge and Sembcorp, via their fully-owned joint venture company Singapore Amaravati Investment Holdings (SAIH), have formalised their collaboration with the state government of Andhra Pradesh (SGOAP) to jointly master develop the 684ha Amaravati start-up area with Amaravati Development Corporation (ADC), an agency of SGOAP.
This comes after SGOAP inked a concession and development agreement with Amaravati Development Partners (ADP), which was incorporated earlier in India with SAIH holding a 58 percent stake and ADC the remaining 42 percent.
Signed at the Amaravati Partners Joint Implementation Steering Committee meeting, the agreement grants ADP development rights, licences and required authorisations/concessions for the start-up area and to undertake catalytic developments.
“ADP and SGOAP have agreed on a schedule of 12 months for the conditions precedent to be satisfied, which may be extended as set out in the agreement,” noted Ascendas-Singbridge and Sembcorp in a joint statement.
The SGOAP is looking to develop Amaravati, the new capital city of Andhra Pradesh, into a compelling destination for global talent and investment.
To be developed in phases over 15 to 20 years, the start-up area sits within the 20 sq km Seed Development Area of Amaravati City.
“A greenfield development, the project includes infrastructure development to prepare the site for a mix of business, commercial and residential activities, as well as catalytic development in the Start-up Area,” the statement said.
“In addition, the SGOAP will work with the master developers on industry positioning and investment promotion to bring economic activity to the city.”
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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