Mumbai: Singapore-based Ascendas-Singbridge Group on Thursday said it has acquired a 12.20 acre land parcel to develop a 2.30 million sq ft information technology (IT) park in Chennai.

A spokesperson with Ascendas-Singbridge declined to comment on the financial details on the transaction. The total deal is estimated to be around 175 crore, said a person who is aware of the development.

Acquired from Chennai-based GSquare Group, the land parcel is located on Pallavaram–Thoraipakkam Road (also known as Radial Road), an upcoming IT corridor that is connected to Old Mahabalipuram Road and Grand Southern Trunk Road, the two existing major IT corridors in Chennai.

The new IT park will be named International Tech Park Chennai (ITPC)–Radial Road as an expansion of Ascendas-Singbridge Group’s iconic International Tech Park brand. It has two IT parks in Chennai, ITPC–Taramani and Cybervale, the company said in a statement. The park will be developed in various phases. Around 1.10 million sq ft will be built in the first phase of the development. Construction will commence soon based on approvals.

This will be Ascendas’ sixth property in Chennai. Its other properties include an integrated industrial development (OneHub Chennai), and two logistics and warehouse facilities at Oragadam and Periyapalayam by Ascendas-Firstspace.

“Chennai is a key market for our India business, and this acquisition further demonstrates our commitment to the city and the State of Tamil Nadu. ITPC–Radial Road is well-located in an up-and-coming, high-growth area, and will strengthen Ascendas-Singbridge Group’s International Tech Park suite of business space solutions," said Vinamra Srivastava, chief executive (CEO), India Operations and private funds, Ascendas- Singbridge group.

Headquartered in Singapore, the Group has a presence across 11 countries in Asia, Australia, Europe and the United States and manages assets worth around $20 billion globally.