It has set up a joint venture with Dr Fresh Healthcare to develop a 62-acre integrated business and residential project.

The two parties are committing a total of S$560 million in investments for the joint venture. Ascendas will own a 51 percent stake, while the rest will be held by Dr Fresh Healthcare.

Ascendas is making the investment through its Ascendas India Development Trust, which undertakes green field development projects.

The Gurgaon integrated project is set in the foothills of Aravalli, about 45 kilometres away from the business district of Delhi.

The project will be developed over seven years and is made up of an IT Special Economic Zone, as well as residential and commercial space.

Construction for the first phase is expected to start in September this year. When fully completed, the project will provide over 4.27 million square feet of space and accommodate over 40,000 skilled professionals.

An additional 2.6 million sq ft of space is planned for residential and commercial uses.

Since its foray into India in 1994, Ascendas has pioneered such projects in Bangalore, Chennai and Hyderabad, and currently has a project under development in Pune. – CNA/so

Source : Channel NewsAsia – 16 Apr 2008

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