Emerald Haven Realty (TVS Emerald), a TVS Group firm, is to jointly develop a freehold condominium project with Keppel Land, on a prime 2.4-ha site along Pallavaram Thoraipakkam Radial road, an emerging IT corridor in S Chennai.
Chennai:
Keppel Land of Singapore will acquire a 49 pc stake in the JV firm at a total consideration of about Rs 77.2 cr (about S$14.1 mn). The total development cost is expected to be about Rs 540 cr (about S$98.2 mn), with Keppel Land’s share pegged at around Rs 260 cr (approx S$48.1 mn).
Completion of the acquisition is subject to the satisfaction of certain conditions precedent and is expected to take place in the H1 of 2021.
Ho Kiam Kheong, President (India), Keppel Land, said, “This partnership is in line with land strategy to strengthen our presence in top-tier cities in India such as Chennai, and creates a platform for future collaboration with TVS Emerald.”
Keppel Land and TVS Emerald plans for the gated development will have a total saleable area of about 1.0 million sf and will comprise apartments in mostly two or three-bedroom configurations, with many units offering scenic views of the adjacent Kovilambakkam lake.