Keppel Land, the property arm of Singaporean conglomerate KEPPEL Corporation, has reportedly announced to have formed a joint venture with property developer Puravankara Limited to build its first commercial establishment in India. As per trusted sources, Keppel Land has planned to buy a 3.09-hectare site in Bangalore with the help of Puravankara.
Both the firms have formed Keppel Puravankara Development (KPDL) to buy the prime location from Metro Cash and Carry India Private Limited (MCCIN) for nearly INR 4.05 billion. Located in Yeshwantpur, KPDL plans to build a Grade A office tower with a gross floor area of 1.02 million square feet and a 160,000 square feet retail-cum-office facility at the site, cite sources.
Reportedly, the Grade A office tower will remain under the management of KPDL, while the retail-cum-office space will be administered by MCCIN upon completion. For the record, Keppel holds a 51 percent share in KPDL, while Puravankara owns the remaining 49 percent.
President of Regional Investments for Keppel Land, Sam Moon Thong, was reportedly quoted stating that India has emerged as one of the fastest-growing chief economies in the world with Bangalore being the largest office market and primary hub for the tech industry in the nation.
Keppel Land is delighted to collaborate with Puravankara who has a keen understanding and a strong network in the local market. The takeover would augment the commercial portfolio of the firm and assist in positioning Keppel Land to meet the needs of prime office space in Bangalore, Thong added.
Managing Director of Purvankara Limited, Ashish Puravankara was reportedly quoted commenting that the upcoming project could not have been built at a better time as the demand for retail and office space has been growing in Bangalore. The project will be a landmark in Yeshwantpur and the firm is confident of the success of the newly formed joint venture, Purvankara added.
Reportedly, Bangalore has registered the highest rate of office space absorption in the Asia-Pacific region over the last five years.