Keppel Land in JV to develop its first commercial project in India

/ EdgeProp
October 1, 2018 5:50 PM SGT
A subsidiary of Keppel Land, Keppel Puravankara Development (KPDL), has entered into agreements to acquire a prime 3.09-hectare site in Yeshwantpur, Bangalore, India. Keppel Land holds a 51% stake in KPDL, while the remaining 49% is held by listed Indian property developer, Purvankara.
The partners plan to develop a Grade A office tower with a gross floor area of 1.02 million sq ft, as well as another retail-cum-office facility, as part of a mixed-use development. This will be Keppel Land’s first commercial project in India.
The seller of the land is Metro Cash & Carry India (MCCIN), and the total consideration is INR 4.05 billion ($81 million), subject to adjustments. This includes the cost of about INR 800 million to construct the 160,000 sq ft retail-cum-office facility. When completed, the facility will be handed over to MCCIN. The Grade A office development will be managed by KPDL.
The total development cost, including land cost, for the whole mixed-use development will be INR 10.4 billion.
The site is located in the commercial hub of Yeshwantpur, and is 5km to the Bangalore’s city centre. It is next to Brigade Gateway, a mixed-use precinct.
Separately, Keppel Land has partnered Purvankara for the development of Provident Park Square, a 2,082-unit high-rise condo development in Bangalore. About 70% of the 1,102 launched units have been sold to date. In 2012, the two companies also jointly developed a 1,573-unit high-rise condo, Elita Promenade, in J P Nagar, Bangalore.