Keppel in joint venture for first commercial development in India
In this article (5)
Keppel Land, the property subsidiary of Singaporean conglomerate Keppel Corporation, is in a partnership to develop its first commercial property in India.
The group has acquired a well-located 3.09ha site from Metro Cash & Carry India in Yeshwanthpur through a majority 51:49 joint venture with Indian property developer Puravankara.
The total consideration of INR 4.05 billion (US$81 million) includes the cost of $16 million for the construction of a 160,000sqft retail/office complex. The total development cost, including the land, is $207.4 million.
Yeshwanthpur is 5km northwest of central Bangalore, one of the primary hubs for the technology industry in India. The area is among the largest and fastest-growing office markets in the country.
Questions & Answers
Q.What kind of property will Keppel Land be developing in India?
What kind of property will Keppel Land be developing in India?
Keppel Land will be developing a commercial property, specifically a 160,000 square foot retail and office complex. This is their first commercial development project in the country, located in Yeshwanthpur.
Q.Who are Keppel Land's partners in this Indian development project?
Who are Keppel Land's partners in this Indian development project?
Keppel Land is in a majority 51:49 joint venture with the Indian property developer Puravankara. They acquired the site from Metro Cash & Carry India to undertake this new commercial development.
Q.What is the total estimated cost for this development, including the land acquisition?
What is the total estimated cost for this development, including the land acquisition?
The total development cost, encompassing both the land acquisition and construction, is estimated at US$207.4 million. The land acquisition itself was part of a total consideration of INR 4.05 billion (US$81 million).
Q.Why was Yeshwanthpur chosen as the location for this new development?
Why was Yeshwanthpur chosen as the location for this new development?
Yeshwanthpur was chosen because it is 5km northwest of central Bangalore, a key technology hub. The area is also identified as one of India's largest and fastest-growing office markets, making it a strategic location.
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