>

>

/

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

/ EdgeProp |

October 1, 2018 5:50 PM SGT

Join our Telegram channel and follow our Facebook for the latest update.

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.

Tags:

Follow Us

Follow our channels to receive property news updates 24/7 round the clock.

Subscribe to our newsletter

Top Articles

1

Sapphire Windows’ Liews: Beyond providing a room with a view

2

Keeping cool in an east-west-facing house with modern glass windows

3

Far East Shopping Centre’s $908 mil en bloc deal aborted

4

World’s largest Mercure Hotel opens on Club Street

5

Luxury living in the new heart of Bukit Timah

Our Site

Follow Us

Property Research

Condos

HDBs

Landed

Commercial

Industrial

Properties For Sale

Properties For Rent

Edgeprop.sg (previously known as The Edge Property Singapore) is the best property portal for real estate agents, investors, home-seekers and sellers alike in Singapore. On EdgeProp, you will be able to find the latest and hottest property news, property listings, and access tools for your research and analysis.

Whether you are looking to buy, sell or rent apartments, condominiums, executive condos, HDBs, landed houses, commercial properties or industrial properties, we bring you Singapore’s most comprehensive and up-to-date property news and thousands of listings to facilitate your property decisions. Click into any listing to check out the new AI Redesign tool to envision your property based on your preferred style, be it Scandinavian, Minimalist or many others.

Make data-driven property decisions with our easy-to-use free and paid tools. The Edge Fair Value tool lets users calculate the fair value of a property, while the En Bloc Calculator helps to determine the probability of a Singapore project being put up for collective sale. Our whole new Research tool provides you data on past transactions, price trends, and more for condos, HDBs, landed houses, commercial properties and industrial properties.

Aside from that, EdgeProp also offers a market trends tracker that lets you access historical property data, sales volume and compare how similar properties are selling, a heatmap that shows you where Singapore’s most popular property sales locations are, a HDB lease tool to calculate your HDB tenure, an affordability calculator, and property alerts to track your preferred Singapore property by project or location, as well as information on new launches.

On the lookout for undervalued property or looking to rent? EdgeProp’s powerful search filters will let you personalise your property-seeking experience – whether you are looking for a property near MRT stations, amenities like schools, or within a HDB Estate or District – so that you find exactly what you are looking for.

View More

Close Ad

00:00