Emerald Haven Realty (EHRL), a part of the TVS Group, has roped in Asian property company Keppel Land (Keppel Land) to develop a housing project in South Chennai, Tamil Nadu. The partners will develop the project through a JV, in which Keppel Land’s subsidiary will take 49 percent stake for Rs 77.2 crore (around SGD 14.1 million).
The residential project is currently being undertaken by Emerald Haven Life Spaces (Radial Road) (EHLS), a subsidiary of TVS Emerald. EHLS will transfer its undertaking, consisting of the project and the site, to a SPV. Keppel Land through its wholly-owned subsidiary Orizona (Arizona) will acquire the stake in the JV company. The total development cost of the project is expected to be about Rs 540 crore (around SGD 98.2 million), with Keppel Land’s share estimated to be about Rs 260 crore (around SGD 48.1 million).
The partners will jointly develop a project on 2.4 ha site along Pallavaram Thoraipakkam Radial Road (PTR), a fast-developing information technology (IT) corridor in South Chennai. The completion of land acquisition is subject to the satisfaction of certain conditions precedent and expected to take place in H1/2021. The JV looks forward to do larger residential/ mixed development projects in Chennai.
Keppel Land and TVS Emerald plan to develop a premium condominium offering recreational facilities and a modern clubhouse. The gated development will have a total saleable area of about one million sq ft and consist of apartments, mostly in two- or three-bedroom configurations, with many units offering a view of the adjacent Kovilambakkam lake. The construction is expected to commence in Q3/2021. The company has completed the construction of 1.4 million sq ft till date and the total area under development as on date is 5.5 million sq ft.