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Keppel Land, the property arm of Singapore’s Keppel Corporation has entered into a joint venture agreement with TVS Group’s realty arm Emerald Haven Realty Ltd (TVS Emerald) to jointly develop a premium residential project in Chennai.
The proposed project has been planned on a 2.4-hectare site along Pallavaram-Thoraipakkam Radial Road (PTR), a southern suburb of Chennai.
The partners plan to develop a premium condominium offering recreational facilities and a modern clubhouse on the site. The gated development will have a total saleable area of about 1.0 million sq ft and will comprise apartments in mostly two- or three-bedroom configurations, with many units offering scenic views of the adjacent Kovilambakkam lake.
Construction is expected to commence in the third quarter of 2021.
Stake in JV
In the joint venture company, Keppel Land will have 49 per cent stake for a total consideration of about ₹77.2 crore. The total development cost is estimated at about ₹540 crore, with Keppel Land’s share estimated at about ₹260 crore.
Completion of the acquisition is subject to the satisfaction of certain conditions precedent and is expected to take place in the first half of 2021, according to a statement.
“TVS Emerald has been developing projects in Chennai for close to seven years. For this upcoming development, we are delighted to partner with reputed Asian property company, Keppel Land, which places paramount importance on enhancing customer experience. We are confident that this joint venture will result in the development of an exemplary project of superior quality and sustainable living,” said K Gopala Desikan, Director of TVS Emerald.
“This partnership is in line with Keppel Land’s strategy to strengthen our presence in top-tier cities in India such as Chennai, and creates a platform for future collaboration with TVS Emerald,” said Ho Kiam Kheong, President (India), Keppel Land.
The partners said the proposed site enjoys proximity to the Chennai International Airport, the established IT corridor of Old Mahabalipuram Road, as well as amenities including reputable educational institutions, hospitals and retail malls.
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