Ascendas-Singbridge Group, on January 3, 2019, announced the acquisition of a 12.20-acre land parcel in Chennai. Acquired from GSquare Group, the land parcel is strategically located on the Pallavaram–Thoraipakkam Road (also known as Radial Road), an upcoming IT corridor that is connected to Old Mahabalipuram Road (OMR) and Grand Southern Trunk (GST) Road. 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 first phase will offer approximately 1.10 million sq ft of Grade A business space and construction will commence soon, based on approvals.
The development will be named ‘International Tech Park Chennai (ITPC) – Radial Road’, after its earlier flagship development, ITPC – Taramani. 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.
Speaking about the project, Vinamra Srivastava, CEO – India operations and private funds, Ascendas-Singbridge Group said, “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. 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. 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.”