Bangalore, July 4 2013: India’s largest and leading international property consultant Jones Lang LaSalle has advised on the outright purchase of 25 acres prime land at Devanhalli, Bangalore by L&W Construction Private Limited from a large Bangalore-based industrial group. The transaction value was INR 1 billion.
L&W Construction Private Limited, a 100 percent subsidiary of Singapore’s Lee Kim Tah Woh Hup Pte Ltd, has acquired this land in one of Bangalore’s most lucrative locations to develop a high-end residential project.
Mayank Saksena, Managing Director – Land Services, Jones Lang LaSalle India said: “This is an extremely strategic acquisition for L&W Construction Private Limited, and one of Bangalore’s largest land deals of 2013 to date. The location of this land, on NH7 at Devanhalli is among Bangalore’s most promising growth corridors by virtue of its proximity to the Bangalore International Airport.”
In developing the project, L&W Construction Private Limited will draw on the extensive expertise of Lee Kim Tah Woh Hup, which is a joint venture company established by Lee Kim Tah Holdings Ltd and Woh Hup (Pte) Ltd, two of Singapore’s oldest construction companies. Together, they have successfully completed projects in Australia, UK, China, Singapore, Thailand, Malaysia, Indonesia, Myanmar, Middle East, Sri Lanka and the Philippines.
The Devanahalli sub-market is defined by an impressive scale of activity on premium and luxury projects. This is largely due to the on-going 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.