https://www.businesstimes.com.sg/co...ake-49-stake-in-jv-to-develop-mumbai-township
Keppel Land to take 49% stake in JV to develop Mumbai township
SUN, DEC 15, 2019 - 5:34 PM
VIVIEN SHIAO[email protected]@VivienShiaoBT
KEPPEL Land, through its wholly-owned subsidiary Lipalton, will be acquiring a 49 per cent stake in a joint venture with Indian developer Rustomjee Group to jointly develop a 51.4 hectare integrated township in the Thane district of Mumbai for INR 4,091 million (S$78.2 million).
This is believed to be the first such collaboration between a Singaporean developer and an Indian developer for a township in the Mumbai Metropolitan Region, which is among India's fastest-growing regions.
The JV company, Kapstone Constructions Private Limited, owns certain land parcels in the Urbania township and holds development rights in the remaining land parcels.
Since its launch in 2006, the Urbania township has housed 2,700 residential units amid comprehensive amenities.
Upon completion of the acquisition, Keppel Land and Rustomjee Group will jointly develop an addition of about 7,400 homes and retail units with a total gross floor area of approximately five million square feet. The development cost for the first phase under the JV, which will comprise approximately 460 residential units, is expected to be approximately INR 4,016 million. Completion of the acquisition is subject to certain conditions, and is expected to take place around the first quarter of 2020.
Stinkies had better prepare for another round of GST hikes.
9% GST sounds bad?
Prepare for 15% GST within next 5 years.
All CPF funds funnelled to CECA virus land. Sure GG.
Keppel Land to take 49% stake in JV to develop Mumbai township
SUN, DEC 15, 2019 - 5:34 PM
VIVIEN SHIAO[email protected]@VivienShiaoBT
KEPPEL Land, through its wholly-owned subsidiary Lipalton, will be acquiring a 49 per cent stake in a joint venture with Indian developer Rustomjee Group to jointly develop a 51.4 hectare integrated township in the Thane district of Mumbai for INR 4,091 million (S$78.2 million).
This is believed to be the first such collaboration between a Singaporean developer and an Indian developer for a township in the Mumbai Metropolitan Region, which is among India's fastest-growing regions.
The JV company, Kapstone Constructions Private Limited, owns certain land parcels in the Urbania township and holds development rights in the remaining land parcels.
Since its launch in 2006, the Urbania township has housed 2,700 residential units amid comprehensive amenities.
Upon completion of the acquisition, Keppel Land and Rustomjee Group will jointly develop an addition of about 7,400 homes and retail units with a total gross floor area of approximately five million square feet. The development cost for the first phase under the JV, which will comprise approximately 460 residential units, is expected to be approximately INR 4,016 million. Completion of the acquisition is subject to certain conditions, and is expected to take place around the first quarter of 2020.
Stinkies had better prepare for another round of GST hikes.
9% GST sounds bad?
Prepare for 15% GST within next 5 years.
All CPF funds funnelled to CECA virus land. Sure GG.
