Published On: Fri, Jun 16th, 2017

Ascendas-Singbridge Forays into Logistics & Industrial Realty

By partnering with industrial real estate firm Firstspace Realty, Singapore-based business space solutions provider Ascendas-Singbridge has forayed into the logistics and industrial real estate sector, and over the next six years, plans to develop about 15 million sq ft of space.

According to the company, the joint venture platform will be tapping into high-growth industrial verticals such as third-party logistics, e-commerce, fast-moving consumer goods, modern retail and manufacturing.

It plans to develop 15 million sq ft of logistics and factory spaces in key markets, including Mumbai, Delhi-NCR, Pune, Chennai, Bengaluru and Ahmedabad, and top warehousing and manufacturing hubs in India  in the next five to six years.

Miguel Ko, chief executive officer, Ascendas-Singbridge Group said that they have been in India for over two decades, developing iconic businesses and IT Parks. Entering the industrial and logistics sector is a natural progression, and they expect to meet the growing demand for quality manufacturing and logistics space.

Ascendas-Singbridge currently owns and manages over 30 million sq ft of industrial space across Asia Pacific.

According to Aloke Bhuniya, CEO, Ascendas-Firstspace, the Indian company will be contributing to the joint venture through its local knowledge, networks and execution capabilities. Ascendas-Singbridge will draw from its international best practices, governance standards and track record to foster growth.

They are excited about the opportunities in the industrial and logistics infrastructure space, which are expected to increase exponentially due to structural changes in the marketplace, consumption growth and an increase in manufacturing’s share to India’s GDP.

Ascendas-Singbridge last year announced plans to develop an IT Park, comprising 8 million sq ft area, in Gurgaon at a project cost of $400 million.

The developer has projects in 29 cities across 10 countries in Asia, including Australia, China, India, Indonesia, Singapore and South Korea. It has close to 10 million sq ft of assets under management in India, with IT parks in Bengaluru, Pune, Chennai and Hyderabad.

According to a recent report by real estate consultancy firm Colliers International India, the warehousing and logistics sector in India has been thriving and has seen significant investor interest over the past few years.

Of late, the growth of the sector has accelerated with the launch of strong initiatives such as Make in India, National Manufacturing Policy and 100% foreign direct investment in e-tailing marketplace, and the impending roll-out of the Goods and Services Tax

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