Singapore-based business space solutions provider Ascendas-Singbridge today said it will develop an IT Park, comprising 8 million sq ft area, in Gurgaon at a project cost of USD 400 million.
In the first phase, the company would develop two buildings with about 1 million sq ft of Grade A office space. It would complete the first building in Phase 1 in Q4 of 2017.
“Ascendas-Singbridge today announced the unveiling of International Tech Park Gurgaon (ITPG), an integrated IT park within the upcoming business district in India’s National Capital Region (NCR),” the company said in a statement.
The unveiling ceremony was graced by Singapore Deputy Prime Minister Tharman Shanmugaratnam and other dignitaries from Singapore and India.
Through this project, Ascendas-Singbridge introduces its iconic International Tech Park suite of business space solutions to Gurgaon.
The 60-acre project ‘ITPG’ will provide 8 million sq ft of international standard business space when fully developed, complete with social amenities that can cater to an estimated 60,000 professionals.
“ITPG will mark a major development for Ascendas-Singbridge in North India with a project size of USD 400 million, under the Ascendas India Growth Programme,” the company said.
The programme, which invests in business space developments in India, was established in 2013, with Singapore’s sovereign wealth fund GIC as a principal investor.
“Ascendas-Singbridge is committed to India and we are delighted to unveil our latest premium IT park product in the National Capital Region…ITPG will be our eighth IT Park in India and we are convinced that this development will enhance the attractiveness of the National Capital Region and help create quality jobs,” Ascendas-Singbridge’s Deputy Group CEO Manohar Khiatani said.
Ascendas-Singbridge India CEO Sanjay Dutt said Gurgaon is the focal point of economic growth in NCR and second largest office market in India with significant investments made by large multinational corporations.
Ascendas-Singbridge has projects in 29 cities across 10 countries in Asia, including Australia, China, India, Indonesia, Singapore and South Korea.
In India, the company has close to 10 million sq ft of assets under management. It has IT Parks in Bengaluru, Pune, Chennai and Hyderabad.