Project comprises IT Special Economic Zone and mixed-use development
ASCENDAS India Development Trust (AIDT) has announced a 50:50 joint venture with Indian real estate fund IREO to develop a $290 million project in Coimbatore in Tamil Nadu state.
AIDT is the private property development fund of business space provider Ascendas, which will manage the development when it is completed in six to seven years. The project, on a 53 acre site, will comprise an IT Special Economic Zone (SEZ) and mixed-use development.
Of the 53 acres, 28 acres will have development potential of more than three million square feet of IT SEZ space to accommodate over 30,000 IT professionals.
The remaining 25 acres are earmarked for residential, commercial and hospitality use.
Development will take place in four phases, expected to start in September 2008.
Ascendas’s Singapore-listed Ascendas India Trust has the right of first refusal on income-producing business space in the project.
Ascendas president and chief executive Chong Siak Ching said that Ascendas aims to provide diverse residential, retail and other commercial offerings and the Coimbatore project is in line with this.
Ascendas has more than 265 acres of development projects across six cities in India. The latest project is its third IT development in Tamil Nadu state after International Tech Park Chennai and CyberVale at Mahindra World City, Chennai.
IREO has an asset portfolio of about US$2 billion, spread across more than 15 development projects encompassing residential, office, retail and hospitality properties in India.
The Coimbatore project is in a fast-developing business area 10 km from the airport. Ascendas said that the development would feature quality infrastructure and facilities synonymous with its projects across the region.
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