Keppel JV embarks on $143m Bangalore project
Singaporean developer Keppel Land announced on Monday that its India joint venture has agreed to acquire a 3.09 hectare (7.635 acre) site in Bangalore for development of an INR 10.4 billion ($143.3 million) mixed-use development.
The 1.18 million square foot (109,625 square metre) combined office and retail facility would be the first commercial development in the South Asian nation for Keppel, which has been partnering with Indian developer Puravankara on residential projects in the country since 2005 via Keppel Puravankara Development Pte Ltd (KPDL).
“The construction of the project is expected to commence after approval of the development and building plans by the relevant local authorities, which is expected to take place some time in 2H 2019,” a spokesperson for Keppel said.
The INR 10.4 billion mixed-use development will include a 1.02 million square foot grade A office tower plus a 160,000 square foot retail-cum-office facility, which will be handed over to food retailer Metro Cash & Carry India Private Limited (MCCIN), a division of German store operator Metro AG.
KPDL acquired the site in Yeshwantpur, northwest Bangalore, from MCCIN for approximately INR 4,050 million ($55.8 million) inclusive of the INR 800 million cost of constructing the 160,000 square foot facility. Dusseldorf-headquartered Metro has more outlets in Bangalore (six) than in any other city in the country.