Ascendas-Singbridge And Sembcorp Receive Award Of Master Development Rights To Andhra Pradesh’s Amaravati City Start-Up Area

601
SHARE

 

Amaravati: Asia’s leading sustainable urban development providers, Ascendas-Singbridge and Sembcorp Development, a wholly owned subsidiary of Sembcorp Industries, have jointly received the letter of award for the master development rights to the Amaravati City Start-up Area in Andhra Pradesh, India. The award was issued by the Government of Andhra Pradesh today, witnessed by Shri Chandrababu Naidu, the Chief Minister of Andhra Pradesh, and Mr S Iswaran, Singapore’s Minister for Trade and Industry (Industry). Other attendees witnessing the issuance include Mr Wong Kan Seng, Chairman of Ascendas-Singbridge, Mr Neil McGregor, Group President and Chief Executive Officer of Sembcorp Industries, and Mr Miguel Ko, Group Chief Executive Officer of Ascendas-Singbridge.

The Start-up Area lies within the 20-square kilometer Seed Development Area of Amaravati City, along with the River Krishna waterfront. Spread over 684 hectares, the Start-up Area is to be developed in phases over 15 to 20 years. The Start-up Area is expected to create the first centers of activity attracting settlers and investment into Amaravati City, comprising developments for business, commercial and residential uses.

A green-field development, the project includes infrastructure development to prepare the site for a mix of business, commercial and residential activities, as well as catalytic development in the Start-up Area. In addition, the Government of Andhra Pradesh will work with the master developers on industry positioning and investment promotion to bring economic activity to the city.

Mr Miguel Ko, Group Chief Executive Officer of Ascendas-Singbridge, said: “At Ascendas-Singbridge, we are passionate in providing sustainable urban and business space solutions that generate business activities, create jobs and catalyze economic growth. This project will mark a new frontier in our ventures in India. We have been in India for over 20 years, with eight IT Parks across five cities. Today, we are happy to be presented the opportunity to work with like-minded partners on the development of Amaravati into a future-ready smart and modern city.”

Mr Neil McGregor, Group President and Chief Executive Officer of Sembcorp Industries, said: “We are very pleased to be presented the opportunity to participate in the development of a brand-new capital city for Andhra Pradesh. The Sembcorp Group has been a friend of India for some time, supporting growth through investments in conventional and renewable energy throughout India, including thermal power in Andhra Pradesh. The project will allow us to bring our proven international track record in world-class integrated urban developments to create a vibrant city of the future in Amaravati.”

Amaravati is the new capital city that the Government of Andhra Pradesh has planned to develop for the newly-constituted state of Andhra Pradesh. The aspiration is to create a vibrant, diverse and modern city for the people of Andhra Pradesh, and a compelling destination for global investments and talent. Ascendas-Singbridge and Sembcorp have responded to calls by the Government of Andhra Pradesh to submit a joint bid for the development under a Swiss Challenge approach. With the issuance of the award, to complete the process, both parties will need to enter into a joint venture agreement with the Government of Andhra Pradesh, subject to finalisation of the joint venture terms.

Comments

comments