Keppel Puravankara Development Private Limited to develop its first commercial development in India
Deepthi | Myequity news | Date : 01-10-2018 08:00:00 IST
Keppel Puravankara Development Private Limited (KPDL) an associate of Puravankara Limited being a Joint Venture between Puravankara Limited and Singapore based Keppel Land, one of Asia’s premier property companies, has entered into agreements to acquire a prime 7.635 acres site in Yeshwantpur, Bangalore, from Metro Cash & Carry India Private Limited (MCCIN). The total consideration is approximately INR 405.00 crores. The total consideration includes the cost of approximately INR 80 crores for KDPL to construct a 160,000 sf. ft. retail-cum-office facility on the land, which will be handed over to MCCIN. The Grade A office development will be managed by KPDL upon completion.
Speaking on the new development Mr. Ashish R. Puravankara, Managing Director, Puravankara Limited said, “Over the last couple of years, there has been a conscious effort to diversify Puravankara’s existing commercial portfolio. This commercial project, for the development of the mixed-use project is in line with our strategic plan to expand Puravankara’s commercial presence over the next five years. The timing of the project could not be better, seeing as the demand for office and retail space, is on an upward trajectory and yielding good returns, especially in Bangalore. We believe that this upcoming project, with its prime location, will become a landmark in Yeshwantpur. We are very confident of the runaway success of this venture”
Mr. Sam Moon Thong, President (Regional Investments), Keppel Land, said, “India is one of the fastest- growing major economies in the world, while Bangalore, as one of the primary hubs for the technology industry, is among the largest and fastest-growing office markets in the country. Bangalore has recorded the highest office space absorption in the Asia-Pacific region in the past five years. We are pleased to further our collaboration with Puravankara who has a strong network and keen understanding of the local market. We believe this acquisition will further augment Keppel Land’s commercial portfolio and will position us well to meet the urbanisation needs for prime office space in Bangalore."
Strategically located in the established prime commercial hub of Yeshwantpur, Bangalore, the site is approximately 5 km northwest of Bangalore’s city centre. The site enjoys excellent accessibility to other parts of the city and other business districts via key transport routes, such as Bangalore’s local mass rapid transit system, Namma Metro. The site is located next to the metro station, and has direct access to Tumkur Road and Dr Rajkumar Road. It is also located in amidst a five-star hotel, mall, hospital and a premium residential project with a close proximity to the World Trade Centre.
About Puravankara Limited:
Puravankara Limited is a leading real estate company in India, with presence in Bengaluru, Kochi, Chennai, Coimbatore, Mangaluru, Hyderabad, Mysore, Mumbai and Pune. The company has close to 37 million square feet of projects which are completed and delivered out of which 66 are residential and commercial projects. With close to 21 million square feet of projects which are under development, the total land assets of the company near 72 million square feet.