Ascendas upcoming with 53 acre SEZ
Ascendas India Development Trust (AIDT) and IREO announce proposed integrated development in Coimbatore
53-acre plot housing IT SEZ, residential, commercial and other supporting spaces
1. Singapore, 9 April 2008 – Ascendas India Development Trust (AIDT), the private
property development fund spearheaded by Asia’s business space leader Ascendas,
has partnered IREO, a leading foreign investor in Indian real estate, to develop an
integrated project, comprising an IT Special Economic Zone (“IT SEZ”) and mixed-use
development in Coimbatore in the state of Tamil Nadu, India. The 50:50 joint venture
(“JV”) spreads over 53 acres, and is a first for both Ascendas and IREO in Coimbatore.
Ascendas will manage the development when it is completed.
2. AIDT, a private trust that undertakes green field development projects, has granted a
right of first refusal to Ascendas India Trust (“a-iTrust”) to acquire income-producing
business space in India.
3. Ascendas is a key developer of IT space in India with over 265 acres of development
spread across six cities. This latest project is Ascendas’ third IT space development in
the state of Tamil Nadu after the landmark International Tech Park Chennai (ITPC) and
CyberVale, located at Mahindra World City, Chennai.
4. IREO, one of the leading foreign investors in Indian real estate, has an asset portfolio of
about US$2.0 billion (S$2.76 billion / INR8,000 crores) spread across more than 15
development projects encompassing residential, office, retail and hospitality properties in
India.
5. The integrated project is within a fast developing business hub in Coimbatore and
located 10 km from the airport. Of the 53 acres, 28 acres will have development
potential of more than 3 million sq ft of IT SEZ space that can accommodate over 30,000
IT professionals when fully completed. The remaining 25 acres are earmarked for
residential, commercial and hospitality use.
6. Development of the project will take place over four phases and is expected to
commence in September 2008. The development will feature quality infrastructure and
facilities that are synonymous with Ascendas’ spaces across the region. The project is
expected to be completed in about six to seven years.
7. Ms Chong Siak Ching, President & CEO, Ascendas Pte Ltd, said, “Ascendas has forged
close ties with Tamil Nadu with two projects in Chennai and we now seek to enhance
our presence in the state with the latest planned offering of an integrated development in
Coimbatore. The city has a ready pool of skilled talent and we hope that this project will
provide more opportunities closer to home for Coimbatore. We are pleased to have
IREO as our partner in this venture. With an integrated development, Ascendas aims
to provide our clients with diverse services spanning residential, retail and other
commercial uses. This is in line with Ascendas’ existing strategy to deliver an
international business lifestyle in a well-planned environment.”
8. Anurag Bhargava, Managing Partner of IREO, said, “We are proud to partner Ascendas
in this milestone development project in Coimbatore. We look forward to enhancing
Coimbatore’s IT landscape by offering world–class facilities in the planned
development.”
