AP Cabinet approved Swiss Challenge Model for the development of new capital Amaravati.
On October 30th last year, Singapore consortium of Ascendas-Singbridge and Sembcorp Development Limited has come up with the proposal of Swiss Challenge to be the Master Developer of Amaravati. After several rounds of scrutiny, The Cabinet has given its nod for the Swiss Challenge Model.
Master Developer would develop 6.84 sq km of the seed capital area. AP Government was offered 42 stake by the Singapore Consortium. About 74.5 percent equity in the consortium belongs to Singapore Government.
Amaravati Development Company (ADC) and Singapore Consortium will jointly form Amaravati Development Partner to develop Seed Capita in 1,691 acres of land in three phases.
CM Chandrababu Naidu revealed that Singapore Consortium offered Rs 4 core per acre for 200 acres to be developed in the First Phase. He informed bids from China, Japan, UK and other developed countries were expected. 'The Master Developer will be selected after the end of deadline on August 15th. 50 acres will be allotted to the Master Developer at nominal price,' he adds.