Keppel JV in Rs 1,000 cr projects

Keppel Puravankara Development Private Limited, floated by Bangalore-based real estate developer Puravankara Projects and Singapore developer Keppel Land Limited, has initiated two residential project for an investment of over Rs 1,000 crore.

The first project is to come up at J P Nagar in south Bangalore at a cost of Rs 600 crore and for the second project, the company has bought 6.8 hectare of land at Kanakapura on the outskirts of the city.

The company on Wednesday launched its first project at J P Nagar "" 'Elita Promenade'. It will offer freehold condominiums spread over approximately 96,620 square metres.

According to Girish Puravankara, director of Puravankara Projects, the newly-incorporated joint venture company, will also explore other property developments in India.

The project has been designed and conceptualised in Singapore by RSP Architects. It will have 1,572 condominium units in the price range of Rs 32 lakh to Rs 47 lakh. Work on the first phase of 271 units is being launched on July 23, said Girish Puravankara.

"We are creating the first show piece in Bangalore by leveraging Puravankara Projects' knowledge and understanding of the market," said Ang Wee Gee, Keppel Land?s director of regional Investments.

At 20 storeys, the tower blocks feature extensive use of glass, allowing residents maximum access to natural ventilation, lighting and scenic views from the apartments.

Elita Promenade has one of the lowest building coverage to land area ratios so that residents can benefit from open spaces.