Ascendas to expand tech park

Ascendas, the Singapore-based business space solution provider which manages International Tech Park, Bangalore (ITPB) is expanding its facility with a budget of Rs 150 crore. It proposes to build another building named 'Navigator' and a built-to-suit facility.

Addressing a press conference here on Monday, Jonathan Yap, CEO Ascendas India and Ascendas Bangalore, said the 'Navigator' building will be a 400,000 square feet facility and built-to-suit facility would have 450,000 square feet.

In addition to office space, retail space is being doubled at the Tech Park to enhance the quality of life, he added.

On the campus, the Taj Group is building a 200-room five star hotel on four acres which will be ready by 2007. The company, for its Indian expansion, plans to utilise Ascendas' funds or Ascendas India IT Parks Trust raised funds.

In June 2005, Ascendas had launched the Ascendas India IT Parks Fund, a private real estate fund seeded by two properties "" International Tech Park, Bangalore and The V, Hyderabad.

"So far Ascendas India IT Parks Trust has raised and is managing Rs 1,000 crore fund. In the next five years, this is likely to double to Rs 2,000 crore," he said. Currently, ITPB has five buildings "" Discoverer, Innovator, Cre