CapitaLand Development (CLD), the development arm of CapitaLand Group, has entered into a 50:50 joint venture with Japan’s Mitsubishi Estate Co to invest RMB1.5 billion ($318 million) to develop a business park in China’s Suzhou New District.
Accordingly to a press release by CLD dated Dec 30, the project is located on a five-hectare plot of land within the central business district of Suzhou New District, with a total construction area of over 220,000 sq m. It will feature multi-tenanted buildings with provisions for research and development (R&D) activities as well as community and lifestyle amenities.
CLD will undertake the master planning and development of the business park, while the operations will be managed by CapitaLand Investment.
The business park is targeted towards tenants in high-tech new economy sectors such as new-generation information and communication technologies, smart manufacturing and artificial intelligence as well as biomedical sciences.
Adopting a Singapore-style “garden city” design concept, the project aims to promote collaboration among companies, research institutions, government agencies and talents amidst a green and sustainable environment. The business park will incorporate green technologies such as photovoltaic solar panels, ecological drainage systems, rainwater harvesting and energy-efficient infrastructure.
To promote the mental and physical well-being of occupants, it will also feature a wide range of fitness facilities and biophilic design elements.
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“CapitaLand is pleased to continue investing in Suzhou, a vibrant component of the Yangtze River Delta that has been a key driver of China’s economic development. Leveraging the Group’s extensive track record in creating vibrant communities with an optimal mix of live-work-play spaces, the new business park will enable CapitaLand to further tap into the promising growth prospects of Yangtze River Delta and support the Group’s pivot to new economy assets,” says Tan Tze Shang, CEO of CLD (China).
“Through this project, we are also delighted to deepen our partnership with Mitsubishi Estate, with which we have collaborated successfully on the recently completed Singapore-Hangzhou Science & Technology Park Phase 3 in Hangzhou Economic and Technological Development Area,” Tan adds.
Construction of the project will begin in 2022 and the business park is expected to be completed in 2024.
Artist's impression of CapitaLand's business park in Suzhou New District: CapitaLand Development
