Aiming to Build a World class capital city Amaravati, Andhra Pradesh are in talks with to sign a MoU with Singapore-based Ascendas-Singbridge Group. The MoU will enhance cooperation between the Singapore government and Andhra Pradesh in the development of Amaravati master plan.
An official MoU is expected to be signed by AP Chief Minister Chandrababu Naidu and Singapore trade minister Eswaran along with 72 experts & officials are expected to be part of the delegation from Singapore.
The Singapore consortium will develop 1,691 acres. The development will take place in 3 phases. The first phase of development of the capital city will be ready in five years. It will come up on about 600 acres. The first construction will be a huge tower which will facilitate International Technology Park Limited (ITPL) in Bangalore built by the same companies with 8 Lakhs square feet of built-up area.
Apart from this, the state will also launch an application facilitating the sale of plots as a part of the land collection for the development. Farmers can use this application to sell their plots. The memorandum is planned to benefit both the parties with creating opportunities for Singapore to invest in AP and AP get to use their expertise for economic development.
AP Capital Region Development Authority (CRDA) commissioner Ch Sridhar said: “Facilitating investments for Amaravati in the start-up area is one of the prominent features of the MoU. The Singapore government will kick start the process by building this tower. They are not even waiting for the companies to set up their units.”
He also added, ” signing the MoU with Singapore companies will kickstart development of start-up area in three phases spanning over five years each. However, CRDA will allot land to Singapore in a phased manner only. The development of start-up area is expected to generate 1,25,000 jobs and bring an investment of `1, 25,000 crores.”
This MoU will also create opportunities for Singapore entities to invest in the new capital and Andhra Pradesh, and contribute their expertise to the economic development of the State. Read more about Indian Startup Ecosystem.