Singapore companies – Ascendas and Sembcorp – likely to be Amaravati developers !!

OneHub Gurgaon

Ascendas One Hub – Gurgaon

As expected, two Singapore-based construction companies namely Ascendas Singbridge Private Limited and Sembcorp Design and Construction have emerged as master developers of the new capital of Andhra Pradesh. The cabinet meeting here on Friday decided to invite bidders from across the globe to challenge the Singapore consortium through the Swiss Challenge method in a span of 45 days after the relevant notification is issued.

“If we will find no one to compete with the Singapore firms within the specified deadline, a joint venture will be floated with the state-owned Amaravati Development Partner (ADP) and the Singapore companies which could be named as Consortium of Amaravati Development Partners to oversee the capital construction,“ chief minister N Chandrababu Naidu said at a media briefing on Friday .

Ascendas Cyber Pearl – Madhapur – Hyderabad

Ascendas is a top office space builder in India too.

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 Ascendas has appointed a new CEO for Indian operations just a week back

Click HERE for the report on the new CEO

The ADP would hold 42 per cent equity in the joint venture, he added. Even though chief secretary SP Tucker held back the related file meant to select master developer through the Swiss Challenge method for several days to put it to legal scrutiny as it was not rated as the best by the Central Vigilance Commission, the CM defended its ratification at the level of the capital region development authority (CRDA) of which he is the chairman.

He said that the Singapore consortium would be allowed to build seed capital in an area of 6.84 sq km even as 1,691 acres would be kept under the control of the ADP . Initially, 50 acres of land will be allotted either for free or nominal rates to the consortium for constructing iconic structures in the capital city .

Another 200 acres of land will be alienated in favour of the master developer in the first phase for Rs 4 crore per acre and the rest of the land released in the next two phases.

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