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A consortium of Ascendas-Singbridge and Sembcorp Development, a wholly-owned subsidiary of Sembcorp Industries, have received the letter of award for the master development rights for the start-up area of the greenfield capital city of Amaravati in Andhra Pradesh.
The Andhra Pradesh Government has awarded the contract in the presence of Chief Minister, N Chandrababu Naidu, and S Iswaran, Singapore’s Minister for Trade and Industry (Industry).
The start-up area is located within the 20-square kilometre seed development area of Amaravati City, along the River Krishna waterfront. Spread over 684 hectares, the start-up area is to be developed in phases over 15 to 20 years.
The start-up area is expected to create the first centres of activity attracting settlers and investments into Amaravati, comprising developments for business, commercial and residential uses.
The greenfield development project includes infrastructure to prepare the site for a mix of business, commercial and residential activities, as well as catalytic development in the start-up area.
In addition, the State Government will work with the master developers on industry positioning and investment promotion to bring economic activity to the city.
Miguel Ko, Group Chief Executive Officer of Ascendas-Singbridge, said: “At Ascendas-Singbridge, we are passionate in providing sustainable urban and business space solutions that generate business activities, create jobs and catalyse economic growth. This project will mark a new frontier in our ventures in India.”
“We have been in India for over 20 years, with eight IT parks across five cities. Today, we are happy to be presented the opportunity to work with like-minded partners on the development of Amaravati into a future-ready smart and modern city,” he said.
Neil McGregor, Group President and Chief Executive Officer of Sembcorp Industries, said: “The Sembcorp Group has been a friend of India for some time, supporting growth through investments in conventional and renewable energy throughout India, including thermal power in Andhra Pradesh. The project will allow us to bring our proven international track record in world-class integrated urban developments to create a vibrant city of the future in Amaravati.”
Amaravati aims to be an aspirational modern city and a compelling destination for global investments and talent.
Ascendas-Singbridge and Sembcorp submitted a joint bid for the development under a Swiss Challenge approach.
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