Ascendas buys Pune land for Rs 200 crore

MUMBAI: Singapore-based business space solutions provider Ascendas-Singbridge Group has bought an over 16-acre land parcel in Pune Kharadi locality for about Rs 200 crore from a local developer, said two persons familiar with the development. The vacant land parcel is estimated to have a development potential of over 3 million sq ft commercial space.

Ascendas-Singbridge Group, jointly owned by Temasek Holdings and JTC Corporation through a 51:49 partnership, is planning to develop an IT park on this land parcel. The group already has over 12 million sq ft of assets under management in India valued at about S$2 billion.

“The deal has been concluded recently. Given the existing development in and around the location, an IT SEZ (special economic zone) is likely to be developed here,” said one of the persons mentioned above. The group has projects in 28 cities across 9 countries in Asia, including Australia, China, India, Indonesia, Singapore and South Korea.