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
Keppel Land Limited, through its wholly-owned subsidiary, has entered into a joint venture with leading Indian developer, Emerald Haven Realty Ltd, a TVS Group company, to jointly develop a freehold condominium project in South Chennai, the company said.
The company has entered into a partnership with Emerald Haven Realty, to pick up 49 per cent stake in the joint venture at a total consideration of about Rs 77.2 crore, it said in a statement.
Under the agreement, the joint venture will develop a freehold premium condominium project in south Chennai spread across 2.4 hectares along Pallavaram Thoraipakkam Radial Road (PTR), a fast-developing information technology (IT) corridor in South Chennai, India.
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.
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 sf and will comprise apartments in mostly two- or three-bedroom configurations, with many units offering scenic views of the adjacent Kovilambakkam lake.
The construction for the development is expected to commence in the third quarter of 2021.
“We are delighted to collaborate with TVS Emerald, one of the top developers in Chennai, for this premium residential project. This partnership is in line with Keppel Land’s strategy to strengthen our presence in top-tier cities in India such as Chennai, and creates a platform for future collaboration with TVS Emerald,” said Ho Kiam Kheong, President (India), Keppel Land.
The site enjoys convenient access to the Chennai International Airport, the established IT corridor of Old Mahabalipuram Road, as well as amenities including reputable educational institutions, hospitals and retail malls.
“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. We are also excited to create a platform with Keppel, to bring in future, larger mixed development projects to Chennai,” said K. Gopala Desikan, Director of TVS Emerald.
Keppel Land is the property arm of Keppel Corporation, one of Singapore's flagship multinational companies with a global footprint in more than 20 countries.
The TVS Group is one of India's leading business houses, with over 50 group companies, close to 50,000 employees, and a turnover of over 8.5 billion dollars. Emerald Haven Realty Limited (EHRL) is the real-estate company forming part of the TVS Group. It was started in 2013.