Business space solutions provider Ascendas-Singbridge Group Thursday announced acquisition of a 12.20 acre land in Chennai for an "undisclosed" sum to set up an IT park over 1 million square feet in the first phase.
The land, acquired from the GSquare Group, is located on the Pallavaram-Thoraipakkam Road (Radial Road) and offers total development space of 2.30 million square feet, according to a company release here.
The land parcel would be developed into an IT park with supporting amenities, it said.
The first space would offer approximately 1.10 million square feet of Grade A business space and construction will commence soon based on approvals.
Following the acquisition, the property would be named International Tech Park Chennai-Radial Road after the company's flagship ITPC located at Taramani.
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It would be the sixth property for Ascendas-Singbridge Group in Chennai and would add to the current IT parks ITPC-Taramani and CyberVale, two logistics and warehouse facilities at Oragadam, the release said.
The acquisition further demonstrates the firm's commitment to the city and Tamil Nadu, the release said.
"ITPC-Radial Road is well located in an up-and coming high growth area and will strengthen Ascendas-Singbridge Group," the company's India Operations and Private Funds CEO Vinamra Srivastava said.
Ascendas-Singbridge Group currently manages assets over 20 billion Singapore dollars, the release added.
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