The Hindu Business Line : Ascendas aims to double its space here in 3 years

Chennai, Sept. 26 Ascendas plans to double its business space in India to around 10 million sq ft in the next three years. The company has so far built around five million sq ft of space at a total investment of around Rs 2,500 crore.

When the additional five million sq ft of space is fully completed, the total investment will be around Rs 5,000 crore, Ms Chong Siak Ching, President and CEO, Ascendas Pte Ltd, told newspersons.

The Singapore-based business space solutions provider plans to invest in new projects, including space for manufacturing and logistics, from its recently-launched S$500-million (around Rs 1,300 crore) fund.

The Ascendas India Development Trust, constituted in Singapore as a private trust, will invest in integrated development real estate projects and complementary land use for industrial, commercial, residential, and retail use. Ascendas is targeting an asset size of over S$1 billion, she said.

CyberVale park

The company on Tuesday inaugurated the Rs 200-crore CyberVale IT Park inside the Mahindra World City SEZ, around 35 km south of Chennai. The park is a joint venture between Ascendas and Mahindra World City, with the Singaporean company holding 74 per cent stake.

The joint venture company, called Ascendas Mahindra IT Park, will bring in Rs 50 crore as equity for the project.

The park is spread across 18.5 acres and is being built in four phases. It will house around 12,000 professionals when fully completed by 2008 end.

Lakeview, the 2,50,000 sq ft phase I building, is ready for occupation with Mindtree, Helios & Matheson, and Tech Mahindra as major clients, said Mr Lim Sin Tiow, CEO, India operations.