Bangalore: In what is considered one of the largest real estate deals this year in the city, L&W Construction Pvt Ltd, a subsidiary of a Singapore-based construction company, has bought 25 acres of land near the international airport for Rs 100 crore.
The land was bought from a Bangalore-based industrial group for Rs 100 crore. The Singapore company Lee Kim Tah Woh Hup Pte Ltd plans to develop a high-end residential complex there.
Jones Lang LaSalle, international property consultants, facilitated the land deal, a press statement from the company said. Mayank Saksena, Managing Director – Land Services, Jones Lang LaSalle India, said, “This is an extremely strategic acquisition for L&W Construction Private Ltd, and one of Bangalore’s largest land deals of 2013 to date.”
L&W Construction plans to tap the expertise of Lee Kim Tah Woh Hup, a joint venture between Lee Kim Tah Holdings Ltd and Woh Hup (Pte) Ltd, two of Singapore’s oldest construction companies.
Together, they have completed projects in Australia, UK, China, Singapore, Thailand, Malaysia, Indonesia, Myanmar, West Asia, Sri Lanka and the Philippines.
Saksena said the Devanahalli sub-market is defined by an impressive scale of activity on premium and luxury projects.
“This is largely due to the ongoing and planned infrastructure developments in these areas, with the establishment of Bangalore International Airport being one of the primary catalysts for the North Bangalore micro-market.”
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