Ascandas – Singbridge Group buys over 16 acre land in Kharadi, Pune

Ascendas – Singbridge Group has bought an over 16 acre land parcel in Kharadi area of Pune for about Rs. 200 crore from a local developer. The Singapore based Group is jointly owned by Tamasek Holdings and JTC Corporation through a 52:49 partnership and is planning to build an IT park on this land parcel. The vacant land parcel is estimated to have a development potential of over 3 million sq ft commercial space. The group already has over 12 million sq ft of assets under management in India valued at about $2 billion. It has been developing, managing and marketing IT parks, industrial & logistics parks, and integrated developments. The proposed IT park on the newly acquired land parcel will be its third asset in Pune where it also owns International Tech Park Pune spread over 25 acres in Hinjewadi and phase 2 of Blue Ridge IT park.