JLL facilitates 25 acre land deal of Rs 100 cr in Bangalore
New Delhi: Property consultant Jones Lang Lasalle (JLL) India on Thursday said it has facilitated a 25-acres land deal in Bangalore being purchased by L&W Construction for Rs 100 crore.
"Jones Lang LaSalle has advised on the outright purchase of 25 acres prime land at Devanhalli, Bangalore by L&W Construction Pvt Ltd from a large Bangalore-based industrial group. The transaction value was Rs 100 crore," the consultant said in a statement.
L&W Construction, a subsidiary of Singapore's Lee Kim Tah Woh Hup Pte Ltd, has acquired this land to develop a high-end residential project.
"This is an extremely strategic acquisition for L&W Construction Pvt Ltd, and one of Bangalore's largest land deals of 2013 to date," JLL India Managing Director (Land Services) Mayank Saksena said in a statement.
L&W Construction commenced operations in Bangalore in 2006 to carry out businesses in project management and construction activities. It has also diversified to undertake property development through partnership.
In developing the project, L&W Construction will draw on the extensive expertise of Lee Kim Tah Woh Hup, which is an equal joint venture firm of Lee Kim Tah Holdings and Woh Hup (Pte), two of Singapore's oldest construction companies.
"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," JLL India said.