Ascendas-Singbridge eyes logistics, co-working spaces in India

      01/11/2019

Singapore-based real estate major Ascendas-Singbridge, which is among the largest foreign developers in India, is on a major expansion-cum-diversification drive, including logistics parks, data centres and co-working spaces.

Vinamra Srivastava, CEO of India Operations and Private Funds, said the company, with presence across six cities and about 16-17 million sq ft of built-up space, is looking to double this over the next three to four years.

Speaking on the sidelines of the Amaravati Gallery launch, Srivastava said the company has been in the country over the past 25 years, having set up one of the first IT projects, ITPL in Bengaluru. “We continue to look for good opportunities to expand business as we already have a portfolio of over 12-13 million sq ft in the pipeline,” he said.

“Focussing on Bengaluru, Hyderabad, Chennai, Mumbai, Pune and the NCR, we have built a portfolio of Singapore $2.5 billion assets under management. We continue to expand in these centres, as there is a huge opportunity in the commercial realty and mixed use projects,” he said.

As a company which has presence in several countries, it is also engaged in the areas of logistics and warehouses and co-working spaces. In partnership with Temasek, Ascendas Signbridge has set up a $300-million equity fund to play a role in the logistics and warehouse market in the country.

“We plan to develop 14-15 million sq ft of logistics space across these six cities,” he said.

Referring to the unfolding opportunities in the rapidly expanding co-working space in the country, Srivastava said, “We are at an advanced stage of finalising plans to serve the co-working space in the country.”

“Apart from being a major developer across these select cities, we now expect to play a catalytic developers role in development of Amaravati,” he said.