Keppel Land collaborates with TVS Emerald to develop premium residential project in Chennai
The strategic partnership reflects Keppel Land’s strategy to expand its presence in India
Keppel Land, through its wholly-owned subsidiary, has entered into a joint venture with leading Indian developer, Emerald Haven Realty (TVS Emerald), a TVS Group company, to jointly develop a freehold condominium project on a prime 2.4-hectare site along Pallavaram Thoraipakkam Radial Road (PTR), a fast-developing IT corridor in South Chennai, India.
Keppel Land will acquire a 49% stake in the joint venture company at a total consideration of about Rs 772 million. The total development cost is expected to be about Rs 5.4 billion, with Keppel Land’s share estimated to be about Rs 2.6 billion. Completion of the acquisition is subject to the satisfaction of certain conditions precedent and is expected to take place in the first half of 2021.
Ho Kiam Kheong, president (India), Keppel Land, said, “This partnership is in line with our strategy to strengthen our presence in top-tier cities in India such as Chennai, and creates a platform for future collaboration with TVS Emerald. Leveraging TVS Emerald’s extensive network and deep understanding of the local property market, as well as Keppel Land’s international experience and strong execution capabilities, we are confident that this upcoming condominium development will attract homebuyers seeking thoughtfully-designed homes located along the IT corridor of PTR.”
Keppel Land and TVS Emerald plan to develop a premium condominium offering recreational facilities and a modern clubhouse on the site. The gated development will have a total saleable area of about 1.0 million sq-ft and will comprise apartments in mostly two- or three-bedroom configurations, with many units offering scenic views of the adjacent Kovilambakkam lake. Construction for the development is expected to commence in the third quarter of 2021.
K Gopala Desikan, director, TVS Emerald, said, “TVS Emerald has been developing and delivering state-of-the-art projects in Chennai for close to seven years. For this upcoming development, we are delighted to partner with reputed Asian property company, Keppel Land, which places paramount importance on enhancing customer experience. We are confident that this joint venture will result in the development of an exemplary project of superior quality and sustainable living.”
As the capital city of the state of Tamil Nadu, Chennai has well-diversified economic drivers such as IT, banking, automobile, manufacturing, healthcare as well as education, while the port of Chennai is the largest on the eastern coast of India.