Keppel Land a Singapore based company has entered into a joint venture agreement with TVS Group’s realty arm to develop a freehold condominium project in Chennai. The company has partnered with Emerald Haven Realty (TVS Group company) to pick up 49% stake in the joint venture at a total consideration of about ₹77.2 crore, it said in a statement on Monday i.e.31st August .Under this agreement, the joint venture is going to develop a freehold premium condominium project in south Chennai spread across 2.4 hectares.
The company said in a statement, “Completion of the acquisition is subject to the satisfaction of certain conditions precedent and is expected to take place in the first half of 2021.”
Keppel Land President (India) Ho Kiam Kheong said, “This partnership is in line with our strategy to strengthen our presence in top-tier cities in India such as Chennai, and creates a platform for future collaboration with TVS Emerald.”
“TVS Emerald has been developing and delivering state-of-the-art projects in Chennai for close to seven years. We are confident that this joint venture will result in the development of an exemplary project of superior quality and sustainable living,” said TVS Emerald Director K Gopala Desikan.
