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A consortium of Ascendas-Singbridge and Sembcorp Development, a subsidiary of Sembcorp Industries of Singapore, have received master development rights for the start-up area of the capital city of Amaravati in Andhra Pradesh.
The state awarded the contract in the presence of Chief Minister N Chandrababu Naidu and S Iswaran, Singapore’s Minister for Trade and Industry. The foundation ceremony of the ‘start-up’ area was held at Mandadam Village in the Amaravati capital area.
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 area is to be developed in phases over 15 to 20 years and create centres for business, commercial and residential use.
Economic hub The Chief Minister promised to develop Amaravati as most livable city where the focus would be on people-centric development. He said Amaravati would be developed to serve as an economic hub. The governments of AP and Singapore also signed another MoU for economic development for enhancing capacities of departments and agencies and promotion of bilateral trade and investment.
Iswaran said, “It all started two years back Andhra Pradesh invited us to prepare 3 master plans for Amaravati. The master plans were shaped greatly to suit the vision of Amaravati. The Singapore companies completed the master plan in a record time and the last of the plans were handed over in July 2015.”
Jobs creation “This start-up area will certainly be heart of Amaravati. The efforts of the partners will also help job creation for the people of Andhra Pradesh,” he said.
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.”
Neil McGregor, Group President and Chief Executive Officer of Sembcorp Industries, said: “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 had submitted a joint bid for the development under a Swiss Challenge approach.
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