Expansion will create another 3 million sq ft
progressively to meet market demand
Ascendas celebrates 10 years of successful operations
in India
Ascendas, Asia’s leading business space provider,
celebrated today the 10th anniversary of its flagship project in India, the
International Tech Park Bangalore (ITPB). It also inaugurated the Park’s 6th
building, the Navigator.
To date, over S$330 million (US$220 million) have been invested in ITPB,
creating a total of 2.3 million sq ft of prime IT space over 20.3 acres. Ascendas
has further identified another 26 acres within the Park for a second phase to
develop about 3 million sq ft progressively, according to market demand. This
next phase is expected to cost another S$270 million (US$180 million).
The new 400,000 sq ft Navigator, which can accommodate up to 4,000
employees, already enjoys 80% occupancy. It is part of a multi-tenanted 6-building portfolio that includes the Discoverer, Innovator, Creator, Explorer and
Inventor, in the genre of ITPB’s pioneering role as India’s first work-live-play
environment. ITPB is also developing 2 customised Built-to-Suit facilities for IT
and biotech majors. A 200-room 5-star business hotel located at the Park is
expected to be operational next year.
Starting operations in 1997, ITPB has played a catalyst role in the growth of IT
Parks in India, and in the development of Whitefield as Karnataka’s leading
business hub. Developed and managed by Ascendas, the Park pioneered plug and-
play IT infrastructure in an integrated environment, attracting leading
international and domestic IT & ITES corporations to locate their operations
there. More than 130 companies and over 20,000 people comprise the
community working out of ITPB.
The anniversary celebration was graced by Guests-of-Honour Shri H.D.Kumaraswamy, the Chief Minister of Karnataka and Mr Tharman
Shanmugaratnam, the Singapore Minister for Education & Second Minister for
Finance.
Mr H.D.Kumaraswamy, the Chief Minister of Karnataka, congratulated ITPB in
his address: "We are proud to have partnered with a world-class business
space provider like Ascendas in building the very first IT Park in India. Our
relationship with them has grown stronger over the years, and we believe this is
indicative of the strong economic ties between India and Singapore."
Mr Tharman Shanmugaratnam, the Singapore Minister for Education & Second
Minister for Finance, said: "The success of Ascendas in India mirrors the
excellent relations that have been built up between Singapore and India. ITPB
has, in its 10 memorable years, not only been the landmark IT destination for
India and Karnataka, known around the world, but also stands as a successful
ambassador for the Singapore brand.”
Said Ms Chong Siak Ching, President & CEO of Ascendas Pte Ltd: “From
ITPB, which is Ascendas’ maiden and flagship project in India, we have gained
valuable insights on the Indian market. This has helped us immensely in
expanding our business space offerings across India, with 5 Parks across 3
cities and still expanding into more cities.”
Mr Jonathan Yap, CEO of Ascendas India and concurrently Head, Bangalore
Operations, said: “ITPB’s unique work-live-play environment has become
synonymous with excellence for IT parks across India. It is only halfway in its
development and has much more potential with the plans marked out for its
next phase.”
Mr Yap added: “ITPB has become the most sought-after IT destination to work
in, where employees enjoy a truly international business lifestyle. This strong
factor has helped the companies working at the Park to enjoy high retention
rates.”
Located in Whitefield, Bangalore, ITPB was mooted in 1992 as a government-to-government bilateral initiative by the then-Prime Ministers of Singapore and
India, Mr Goh Chok Tong and Mr P.V. Narasimha Rao, respectively. It is jointly
owned by Ascendas and KIADB.
