Singapore-based business space solutions company, Ascendas Services (India) Pvt Ltd is moving into integrated space development in India. “We want to move into retail, hospitality and residential space development along with commercial and office space development,” according to Mr Thomas Teo, CEO, Ascendas India Operations.
The company has so far developed 8.2 million sq ft of space in India and plans to invest about Rs 600 crore in the country in the next two years.
“We already have two projects in Gurgaon and Coimbatore where we are developing residential space along with business space and are looking at similar growth in other cities,” Mr Teo said. The company is also looking at some ‘good opportunities' for acquisition of land and some existing properties for the same, he added. Ascendas has forayed into the retail segment with the development of Ascendas Park Square, a 450,000 sq ft retail mall in Bangalore.
Ascendas entered India with the development of International Tech Park Bangalore and has subsequently developed CyberPearl, The V (Hyderabad) and International Tech Park in Chennai. The company is now developing International Tech Park in Pune, in addition to integrated projects in Gurgaon and Coimbatore.
The company has provided space solutions in Singapore, China, South Korea and the Philippines. “Both India and China are key markets for us and we have invested equally in both these countries,” Mr Teo said.