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NT Bureau
Chennai, Sept 27:

        Ascendas, business space provider in Asia has come up with its second IT Park—CyberVale at Mahindra World City located in the outskirts of Chennai city.

        Speaking to mediapersons yesterday, Chong Siak Ching, president and CEO, Ascendas Pvt Ltd said the IT park spread across 18.5 acre and more than one million sq ft of business space, CyberVale is a joint venture between Ascendas and Mahindra World City. Interestingly, it would offer tenants a fully integrated work-live-play environment and an international business lifestyle concept, a standard which Ascendas has set for all its IT parks in Asia.

        The IT Park, a 76:24 joint venture is to be developed in four phases, Ching said adding that, the project would house close to 12,000 skilled professionals when fully completed by 2009.

        The total project costs Rs 200 crore, in which Rs 50 crore would be through equity and the remaining funded through debt and internal accruals.

        'I am happy to announce that we have already secured 100 per cent pre-commitment from leading IT and ITeS companies like Helios and Matheson, Mindtree Consulting, Tech Mahindra for two out of the four phases of this IT park,' Ching said adding that Ascendas has built about five million sq.ft of office space, which would be doubled in another two to three years.

        Chong said, 'Ascendas growth in Tamilnadu is in response to the phenomenal growth of IT ad ITeS services in the State. CyberVale is the new member in the Ascendas family of IT parks in Asia. With seven IT parks in five Indian cities, India is one of the fastest growing markets and we are here to stay.'

        The company is also developing three other IT SEZs in Nagpur, Pune and Bangalore and is exploring the SEZ options in several other cities in the country.

        In June , Ascendas had launched the 'Ascendas India Development Trust', a private development fund focusing on SEZs and integrated developments in India and in August the Trust was launched as Singapore's first listed Indian property trust. The company aims to raise 500 million Singapore dollars through this. At Mahindra World City, there are Special Economic Zones, Specific to businesses like IT products and services zone, apparel and fashion accessories zone and auto ancillaries zone.