Ascendas buys 12 acre plot for IT park in city

Acquired from GSquare Group, the land parcel is strategically located on Pallavaram–Thoraipakkam Road (also known as Radial Road), an upcoming IT corridor that is connected to Old Mahabalipuram Road and Grand Southern Trunk Road, the two existing major IT corridors in Chennai. The location is accessible by several main roads and well-connected to Chennai International Airport. It is also located close to residential catchments, educational institutions, and hospitals. With a total development potential of 2.30 million sq ft, the land parcel will be developed into an IT park with supporting amenities, a trademark of Ascendas-Singbridge Group’s IT parks in India. The first phase will offer approximately 1.10 million sq ft of Grade A business space and construction will commence soon based on approvals.

As an expansion of Ascendas-Singbridge Group’s iconic International Tech Park brand, the development will be named International Tech Park Chennai (ITPC) – Radial Road, after the flagship ITPC – Taramani. This will be the Group’s sixth property in Chennai, and will add to its current Chennai portfolio that comprises two IT parks (ITPC – Taramani & CyberVale), an integrated industrial development (OneHub Chennai), and two logistics and warehouse facilities at Oragadam and Periyapalayam by Ascendas-Firstspace.

Vinamra Srivastava, CEO, India Operations and Private Funds, Ascendas-Singbridge Group, said, “Chennai is a key market for our India business, and this acquisition further demonstrates our commitment to the city and the State. ITPC – Radial Road is well-located in an up-and-coming, high-growth area, and will strengthen Ascendas-Singbridge Group’s International Tech Park suite of business space solutions.”