TVS Housing & Singapore's Keppel Land Develop Chennai Project
Emerald Haven Realty Limited (EHRL), part of the $8.5 billion TVS Group and housing arm of TVS Motor, has roped in Asian property company Keppel Land Limited (Keppel Land) to develop a housing project in South Chennai. The partners will develop the project through a JV, in which Keppel Land's sub
Published -
Sep 1, 2020 11:39 AM
Emerald Haven Realty Limited (EHRL), part of the $8.5 billion TVS Group and housing arm of TVS Motor, has roped in Asian property company Keppel Land Limited (Keppel Land) to develop a housing project in South Chennai. The partners will develop the project through a JV, in which Keppel Land's subsidiary will take 49 per cent stake for Rs 77.2 crore (around 14.1 million Singapore dollars). The residential project is currently being undertaken by Emerald Haven Life Spaces (Radial Road) Limited (EHLS), a subsidiary of TVS Emerald. EHLS will transfer its undertaking, consisting of the project and the site, to a SPV. Keppel Land through its wholly-owned subsidiary Orizona Pte Ltd (Arizona) will acquire the stake in the JV Company. The total development cost of the project is expected to be about Rs 540 crore (around S$98.2 million), with Keppel Land’s share estimated to be about Rs 260 crore (around S$48.1 million). The partners will jointly develop a project on a 2.4-hectare site along Pallavaram Thoraipakkam Radial Road (PTR), a fast-developing information technology (IT) corridor in South Chennai. Completion of land acquisition is subject to the satisfaction of certain conditions precedent and is expected to take place in the first half of 2021. The JV will look to do larger residential/mixed development projects in Chennai, going forward.
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