Keppel Land has entered into a joint venture with Indian developer TVS Emerald to develop a freehold condominium project on a prime 2.4ha site along Pallavaram Thoraipakkam Radial Road, which is considered an upcoming “IT corridor” in South Chennai, India.

Keppel Land will acquire a 49% stake in the joint venture company at a total consideration of about $14.1 million. The total development cost is expected to be about $98.2 million, with Keppel Land’s share estimated to be about $48.1 million. Completion of the acquisition is subject to conditions and is expected to take place in 1H2021.

Ho Kiam Kheong, president (India) of Keppel Land, says, “This partnership is in line with Keppel Land’s strategy to strengthen our presence in top-tier cities in India such as Chennai, and creates a platform for future collaboration with TVS Emerald.”

He adds that Keppel Land will leverage TVS Emerald’s extensive network and deep understanding of the local property market, as well as its own international experience and strong execution capabilities.

The condominium will have a total saleable area of one million sq ft and offer two- or three-bedroom units. Many units will offer scenic views of the adjacent Kovilambakkam lake. It also has convenient access to Chennai International Airport and Old Mahabalipuram Road, an established “IT corridor” in Chennai. There will be recreational facilities and a modern clubhouse and surrounding amenities include schools, hospitals and shopping malls.

Construction for the development is expected to begin in 3Q2021.