First Singapore-India collaboration
Keppel Land Limited is taking Singapore’s international brand to Mumbai’s Urbania integrated township through a joint venture with India’s Rustomjee Group to build homes and retail units.
The subsidiary of Keppel Corp, a Government-Linked Corporation, is acquiring 49% in Kapstone Construction for S$78.2 million to jointly develop with Rustomjee Group 51.4-ha township in Thane, a mature and well-connected district within the Mumbai Metropolitan Region (MMR).
This is the first such collaboration between Singaporean and Indian developers for a township in MMR, which is among India’s fastest-growing regions.
Since its launch in 2006, the Urbania township has housed 2,700 residential units amid comprehensive amenities.
Announcing the acquisition on 15 Dec 2019, Keppel Land’s President for India, Ho Kiam Kheong, said, “Our collaboration with the Rustomjee Group for this maturing integrated township is in line with Keppel Land’s strategy to strengthen our presence in high-growth areas such as the Mumbai Metropolitan Region. The partnership has landed on a rare opportunity of a development of such scale in Mumbai, which is experiencing rapid demand for quality homes.”
Keppel Land will leverage the Rustomjee Group’s extensive network and deep knowledge of the local property market, as well as Keppel Land’s international experience and strong execution capabilities to develop a highly liveable and vibrant township.
Upon completion of the acquisition, Keppel Land and Rustomjee Group will jointly add about 7,400 homes and retail units with a total gross floor area of approximately five million in Urbania.
Rustomjee Group Chairman Boman Irani elaborated “In our endeavour to continue serving the growing housing and commercial developments of the Mumbai Metropolitan Region, we are pleased to partner with Keppel Land, an established premier developer from Singapore with a legacy of over a hundred years and with an international experience in key Asian markets.
“Our interactions with the Keppel Land team has been a great experience of sharing and learning. We are confident that this joint venture will be a win-win partnership. This is a beginning of two large developers coming together to build a strong partnership in the Mumbai Metropolitian Region market and we look forward to great growth together.” fiines.com
