Vijayawada: The Andhra Pradesh Cabinet had finally cleared the Singapore Consortium as master developer for the Capital city development under the Swiss Challenge system. The AP government would now reach an agreement with the Singapore’s Ascendas-Singbridge through the Amaravati Development Corporation (ADC).

The AP Capital Region Development Authority (APCRDA) would now hand over the land to the Singapore Consortium to build the new capital. Both the Singapore Consortium and the AP government would share profits in 58:42 per cent ratio. While the Singapore Consortium would get 58 per cent of the revenue generated out of the new capital project, the AP government would get the 42 per cent. This is in addition to the 1.5 per cent royalty on the land, which was taken in pooling from the farmers.

The APCRDA would keep the land with it and allocate the same to the Singapore consortium in different stages depending on its plans for the development of the new capital. Chief Minister N Chandrababu Naidu who briefed the media persons about the Swiss Challenge and the capital development plans, said that Amaravati would be the world’s best city and not just an administrative city. He predicted that the people from Vijayawada and Guntur cities would visit Amaravati for education, employment and entertainment in the years to come.