Temasek Holdings-backed Ascendas-Singbridge, one of the leading sustainable urban and business space solutions provider, has announced the opening of International Tech Park Gurgaon (ITPG), an integrated IT park within the upcoming business district in India’s National Capital Region (NCR). The unveiling ceremony was graced by Singapore’s deputy prime minister, Tharman Shanmugaratnam, as well as other dignitaries from Singapore and India.
Located near Sector 59, Gurgaon, the 60-acre ITPG will provide 8 million sq ft of international standard business space when fully developed, complete with social amenities that can cater to an estimated 60,000 professionals.
Phase 1, which comprises two buildings, will offer approximately 1 million sq ft of Grade- A business space. Currently under development, the first building in Phase 1 is scheduled to be completed in Q4 2017.
Besides a unique environment-friendly infrastructure, the park will also offer spacious food courts and conveniences such as banking, transport and covered parking spaces.
Sanjay Dutt, CEO of India Operations at Ascendas-Singbridge India, shared: “Gurgaon is the focal point of economic growth in NCR and second largest office market in India with significant investments made by large multinational corporations.”
According to Dutt, their experience in India will enable them to bring their best practices to ITPG and provide “best-in-class business space and asset management services” in Gurgaon. ITPG joins a portfolio of other Ascendas-Singbridge’s IT parks located in Bangalore, Chennai, Hyderabad and Pune.
ITPG will mark a major development for Ascendas-Singbridge in North India with a project size of $400 million, under the Ascendas India Growth Programme. The Programme, which invests in business space developments in India, was established in 2013, with Singapore’s sovereign wealth fund GIC Pte Ltd (GIC) as a principal investor.
Speaking on the development, Manohar Khiatani, Ascendas-Singbridge’s Deputy Group CEO, said “Ascendas- Singbridge is committed to India and we are delighted to unveil our latest premium IT park product in the National Capital Region. Iconic benchmarks for world-class environments, our International Tech Parks have successfully catalyzed industry growth in India’s IT and business process outsourcing sectors across multiple cities.
“ITPG will be our eighth IT Park in India and we are convinced that this development will enhance the attractiveness of the National Capital Region and help create quality jobs,” he added.
Ascendas-Singbridge has been working closely with International Enterprise (IE) Singapore, the government agency that partners and supports Singapore companies to go global, on business opportunities in Haryana; IE Singapore has been sharing insights on market developments and connecting the firm to local partners.
Tan Soon Kim, Assistant CEO of IE Singapore, said: “India’s demand for infrastructure development presents immense business opportunities in urban and infrastructure solutions for Singapore companies. Ascendas-Singbridge’s ITPG represents a significant entry into North India by a Singapore company and acts as a good platform for Singapore SMEs to access opportunities in Haryana and its surrounding regions.”