AcroMeta’s 70%-owned subsidiary, Life Science Incubator (LSI), has signed a management agreement with Ho Bee Land H13 ’s subsidiary, HB Universal, to operate a co-working laboratory centre.
The agreement is for an initial period of six years with an option to renew for another six years by mutual agreement. It also comes on the heels of LSI’s recent expansion of its co-working lab space business.
Under the agreement, LSI will operate, manage, promote and market the co-working lab located at Elementum, One-North. LSI will also provide management and consultancy services for the business.
According to AcroMeta, the proposed project will triple the size of LSI’s co-working lab space operations in Singapore. The operations at Elementum will also be able to attract companies that require larger spaces for research and development (R&D). It will also enable LSI’s existing customers who want to expand their R&D activities to do so.
“Biomedical sciences is an integral part of Singapore’s future economy with its focus on high value-add industries. Co-working laboratory spaces allows small- and medium-sized enterprises (SMEs) and startups to kickstart their R&D without incurring initial high capital expenditure (capex). There is a rising number of SMEs and startups needing coworking laboratory spaces with specialized infrastructure to conduct their R&D to bring their innovative products to the market. That is where LSI comes in,” says Levin Lee, AcroMeta’s executive chairman.
“Having a working partnership with Ho Bee Land, a well-known and established property developer, would solidify the LSI brand of co-working laboratory spaces. This will position us for international expansion of the LSI brand that we are planning, as there is demand for co-working laboratory space in major cities and industrial hubs globally,” he adds.
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As at 3pm, shares in AcroMeta are trading 0.4 cents higher or 11.43% up at 3.9 cents.
