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Ascendas-Singbridge, a leading industrial real estate investment trust, has acquired a 12.20-acre land parcel in Chennai to develop an IT park.
The land, located on the Pallavaram–Thoraipakkam Road (also known as Radial Road) on the southern suburb, has been bought from the GSquare Group.
With a total development potential of 2.30 million sq ft, Ascendas-Singbridge plans to develop an IT park under the name International Tech Park Chennai (ITPC) – Radial Road, a trademark the developer uses for IT parks in India. The first phase will offer about 1.10 million sq ft of Grade A business space and construction will commence soon after securing the approvals, according to a statement.
“Chennai is a key market for our India business and ITPC — Radial Road is well-located in an up-and-coming, high-growth area,” said Vinamra Srivastava, CEO, India Operations and Private Funds, Ascendas-Singbridge Group.
This will be the group’s sixth property in Chennai, and will add to its current Chennai portfolio that has two IT parks (ITPC – Taramani & CyberVale), an integrated industrial development (OneHub Chennai), and two logistics and warehouse facilities at Oragadam and Periyapalayam by Ascendas-Firstspace.
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