AP Cabinet approves Swiss Challenge model to develop Amaravati
Andhra Pradesh will take the help of two Singapore companies to build Amaravati as a “world-class capital”, Chief Minister N. Chandrababu Naidu said.
The state cabinet, at a meeting on Friday, gave its nod to develop the capital with help of a consortium led by the Singapore government.
The cabinet studied the proposal submitted by two Singapore companies, urban solutions provider Ascendas-Singbridge Pte Ltd and Sembcorp Industries Ltd to develop the capital city on the banks of the Krishna river, between Vijayawada and Guntur.
Sembcorp’s urban development division builds industrial parks, integrated townships, and commercial and residential spaces.
The two companies submitted their proposal to be master developer of Amaravati on 30 October.
The SPV and the Singapore consortium will jointly develop the core capital area.
The state government will follow the Swiss Challenge method to build the greenfield capital city. This means that the proposal submitted by the Singapore consortium will be challenged by other potential master developers. If the competing proposal beats the one proposed by the Singapore consortium, the mandate to build the capital goes to the other party.