CHENNAI: Ascendas India, a provider of business space solutions and a wholly owned subsidiary of the Singapore-based Ascendas Pte Ltd, will soon develop one million sq. ft of business space at Mahindra IT Park within Mahindra World City, under the name Ascendas Mahindra IT Park.

The first phase of the Ascendas Mahindra IT Park will be completed by the first quarter of 2007. The one million sq. ft business space will be developed on 18.5 acres of land.

Addressing a press conference here on Tuesday, Jonathan Yap, Chief Executive Officer, Ascendas Property Management Services (India) Pvt Ltd., said the first phase of the project, with 2.5-lakh sq. ft of office space, would be completed by the first quarter of 2007. The first phase would involve an investment of Rs. 50 crore and would accommodate a nearly 2,500-strong workforce.

Mr. Yap said Ascendas was exploring companies in sectors such as biotechnology and bio-IT to be housed in its business space coming up at Mahindra World City. Aggressive marketing steps had been taken up to promote its new venture.

He said the first phase of the International Tech Park, Chennai (ITPC), Ascendas' flagship park in Chennai, with 5.25-lakh sq ft on the IT corridor, was fully occupied by January 2006. The second phase of the ITPC, which would provide 7.3-lakh sq. ft. of build-up space was under construction and would be ready for occupation by May 2007. The cost of the second phase would be Rs. 200 crore.

The ITPC would develop 1.8 million sq ft of business space on the IT Corridor of Chennai under three phases of development.

Ascendas developed the International Tech Park in a joint venture with TIDCO, a Tamil Nadu Government undertaking, with 11 per cent stake in the venture.

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