Singapore-based Ascendas-Singbridge group, which has developed 11 to 12 parks in India, is on the lookout to buy greenfield land in the country as part of portfolio expansion plan. It has built about 16 million square feet and plans to double developmental activities in the next three to four years.
Talking to FE, Vinamra Srivastava, CEO, India operations and private funds, said, “Being an end-to-end real estate player, we are in the process of doubling our commercial office portfolio to about 30 million sq ft in the next three to four years across six cities in the country.” While he did not give specific investment numbers, he said that India revenues contribute to 12% to 15% of the group’s global portfolio. Jointly owned by Temasek and JTC, the group undertakes projects such as business, industrial parks, hotels, townships, offices, warehouses and others.
“We have developed 11 to 12 parks in India. With this expertise, we are on the lookout to buy greenfield land in attractive locations. Besides, we are planning to buy operating parks which are income generating assets,” he said.
Plans are there on the cards to invest in a mix of land and ready properties as well. “Since there is less liquidity in the market, we will buy assets provided prices soften. ” The group is the first company to set up an IT park in the country in Karnataka. Currently, it has Singapore $2.5 billion of assets under management (AUM).
As part of its expansion, the company has diversified to logistics parks, data centres and co-working space developers.
“For logistics parks the plan is to build 14 million sq ft across six cities which include Bengaluru, Hyderabad, Chennai, Mumbai, Pune and NCR.
Ascendas-Singbridge is also finalising plans to launch co-working spaces under ‘thebridge’ brand in India, which it had launched in Singapore in 2017. The brand has set up centres in Shanghai and Hangzhou, in China.
Meanwhile, Amaravati Development Partners (ADP), the joint venture between Singapore Amaravati Investment Holdings (SAIH) and Amaravati Development, will commence development of an exhibition-cum-community centre called the ‘Welcome Gallery’ in Amaravati.
SAIH is a wholly-owned joint venture company of Ascendas-Singbridge Andhra Investment and Sembcorp Development India. The Welcome Gallery is expected to be opened by this year end.
THE FINANCIAL EXPRESS
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