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Singapore-based Ascendas-Singbridge Group revealed on Thursday (3 Jan) that it has acquired a 12.20-acre site in Chennai, India from GSquare Group for an undisclosed sum.
The site will be developed into an IT park with ancillary facilities and a potential total gross floor area of 2.3 million sq ft. Its first phase will comprise 1.1 million sq ft of Grade A business space, with construction starting soon after obtaining the necessary approvals.
It will be called International Tech Park Chennai (ITPC) – Radial Road after the flagship IT park, International Tech Park Chennai – Taramani.
The development is situated along Pallavaram–Thoraipakkam Road (also known as Radial Road), a future IT corridor that is linked to two existing major IT corridors in Chennai, namely Grand Southern Trunk Road and Old Mahabalipuram Road.
Aside from being well-connected to Chennai International Airport and being accessible through several major roads, the IT park is close to hospitals, schools and residential estates.
ITPC – Radial Road represents Ascendas-Singbridge’s sixth property in Chennai. The group’s existing portfolio there consists of two IT parks (CyberVale and ITPC – Taramani), two logistics facilities in Periyapalayam and Oragadam by Ascendas-Firstspace, as well as an integrated industrial project called OneHub Chennai.
“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,” said Vinamra Srivastava, Ascendas-Singbridge Group’s CEO for India operations and private funds.
“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,” he added.
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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