Singapore Firms have come forward to offer Rs 4 crore for each acre of land offered to them in the AP capital Amaravati. Government Officials were surprised as the price is double the current market value. Ascendas and Sembcorp, the companies under the control of Singapore Government, formed a consortium before placing the lucrative deal before AP Government.
As of now, Each acre in AP Capital is valued at Rs 1.5 to 2 crore. An official who is monitoring the bidding process comments, 'We never expected such a big offer. Its a very good price'. AP Government & Singapore Companies will share the revenue generated from Amaravati lands. While AP would receive 42%, Singapore Firms will get 58%.