Keppel Land Limited (Keppel Land), through its wholly-owned subsidiary, has entered into a joint venture with the Rustomjee Group, to jointly develop the 51.4-hectare Urbania integrated township in Thane. This will be the first such collaboration between a Singaporean developer and an Indian developer, for a township in the Mumbai Metropolitan Region (MMR). Keppel Land will acquire a 49% stake in the joint venture company, Kapstone Constructions Private Limited, at a consideration of about Rs 4,091 million (approximately Singapore $78.2 million).
Upon completion of the acquisition, Keppel Land and Rustomjee Group will jointly develop an additional 7,400 homes and retail units, with a total gross floor area of approximately five million sq ft. The development cost for the first phase under the joint venture, which will comprise of approximately 460 residential units, is expected to be approximately Rs 4,016 million. Completion of the acquisition is expected to take place around the first quarter of 2020.
Speaking about the partnership, Boman Irani, chairman of the Rustomjee Group, said: “We are pleased to partner with Keppel Land, an established developer from Singapore with a legacy of over a 100 years and with an international experience in key Asian markets. We are confident that this joint venture will be a win-win partnership.” Ho Kiam Kheong, president (India), Keppel Land, added: “Our collaboration with the Rustomjee Group for this maturing integrated township, is in line with Keppel Land’s strategy to strengthen our presence in high-growth areas such as the Mumbai Metropolitan Region. We will leverage the Rustomjee Group’s extensive network and deep knowledge of the local property market, as well as Keppel Land’s international experience and strong execution capabilities, to develop a highly liveable and vibrant township.”