labels: investment - general, trade
India, Singapore firms team up for shopping malls, complex news
Praveen Chandran
10 October 2002

Mumbai: India and Singapore-based companies have joined hands to set up two shopping malls in Mumbai, and an IT complex in Hyderabad. The projects include a second Crossroads at Nariman Point (downtown Mumbai), another shopping mall at Goregaon (northwestern Mumbai borough), and Cyber Oasis in Hyderabad.

The partnership memorandum of understanding was signed earlier this week in the presence of visiting Singapore Minister of State for National Development Vivian Balakrishnan. He is currently leading a high-level business delegation of 22 Singapore companies on an infrastructure business mission.

The new Crossroads II is the second in a series of similar projects that Singapore’s DP Architects is designing for Piramal Holdings. The project is a 11-storey retail-cum-entertainment complex with eight-storeys plus one basement car park at Nariman Point.

The shopping mall in Goregoan is a 3-lakh-sq ft project to be developed between Kingston Properties, a subsidiary of Oberoi Constructions, and Singapore’s JTC Consultants (India). The Singapore-based consultants will provide project management, architectural, civil and structural engineering services.

Balakrishnan says the Singapore companies in the fields of construction and consultancy have built up an envious track record with large projects in India. “With India undergoing a tremendous amount of economic, social and physical development, it is natural for Singapore-based infrastructure-related firms to consider offering turnkey services to Indian clients. This will enable firms to have more opportunities in playing a crucial role to develop, design, construct and maintain infrastructure and building facilities.”

The total bilateral trade amounted close to Singapore $7 billion, while India emerged as one of the leading destinations of Singapore companies. According to Vaishnav Puri, honorary business representative of the Singapore government in India, India is Singapore’s 15th largest trading partner in 2001. “Top investment destinations from Singapore have been New Delhi, Tamil Nadu, Maharashtra, Karnataka and Andhra Pradesh.”

 

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India, Singapore firms team up for shopping malls, complex