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Ascendas-Singbridge joins Firstspace to target India's industrial, logistics sector

Singapore

ASCENDAS-SINGBRIDGE Group and Indian industrial real estate specialist Firstspace Realty are working hand in hand to build logistics and industrial facilities in major warehousing and manufacturing hubs across India.

The joint venture Ascendas-Firstspace aims to meet the infrastructure needs of businesses in India tapping high-growth industrial verticals such as third-party logistics, e-commerce, vehicles, fast-moving consumer goods, modern retail and manufacturing, the group announced on Thursday

Having been in India for over two decades, developing iconic business and IT Parks, Ascendas-Singbridge has become "a trusted brand with renowned operational capabilities and loyal client base", its group chief executive officer Miguel Ko said.

"Entering the industrial and logistics sector is a natural progression, and we expect to meet the growing demand for quality manufacturing and logistics space. We have assembled an entrepreneurial team to lead the way, who will be supported by our experienced India and global operations," he said.

Aloke Bhuniya, Ascendas-Firstspace chief executive officer, added: "We are excited about opportunities in the industrial and logistics infrastructure space, which are expected to increase exponentially due to structural changes in market place, growth of consumption and increase in share of manufacturing in India's GDP (gross domestic product). The sector, which is still evolving, will see consolidation and improvements in quality, transparency and corporate governance due to flows of institutional capital into the sector."

Ascendas-Singbridge was in the news last monthwhen it was given the master development rights, as part of a Singapore consortium, to build the new capital city of Amaravati for the southern Indian state of Andhra Pradesh. The other member of the consortium is Sembcorp Development. With the rights, the consortium and the Amaravati Development Corporation will form a joint venture called Amaravati Development Partners to develop the area, which is located along the southern bank of Krishna River.