AIDT Unveils $560m India Development Project

Source : The Business Times, April 17, 2008

Venture will consist of an IT SEZ and a residential and commercial part

ASCENDAS India Development Trust (AIDT) has unveiled a $560 million integrated development project in India, the second Indian venture to be announced by it this month.

This second project will have a 4.27 million sq ft IT special economic zone (IT SEZ) and a 2.6 million sq ft residential and commercial component in Gurgaon, about 45 km away from the business district of Delhi.

AIDT, a private property development fund spearheaded by JTC Corp's fully owned Ascendas, will hold a 51 per cent stake in this project, with the remaining 49 per cent held by Dr Fresh Healthcare Services Pte Ltd, a joint venture between US-based Dr Fresh Inc and Indian consumer goods group Dabur.

The project, which will be managed by Ascendas, will be developed over seven years on a 25.1-hectare freehold site along the Sohna State Highway. 'The development is expected to be executed in phases to meet market demand, with the first phase to start in September 2008,' Ascendas said in a release yesterday.

The IT SEZ component is expected to accommodate more than 40,000 skilled professionals.

The development is poised to be one of Gurgaon's premium business addresses.

AIDT, which undertakes greenfield development projects, has granted a right of first refusal to Singapore-listed Ascendas India Trust to acquire substantially income-producing business space in India.

Earlier this month, AIDT announced a 50:50 joint venture with Indian real estate fund IREO to develop a $290 million project in Coimbatore in Tamil Nadu state.

Ascendas is a significant co-investor in AIDT. The other investors include Arcapita of Bahrain and ING Private Banking.