CapitaLand Development Partners with Mitsubishi Estate to Develop a Business Park in Suzhou New District
Posted on 12/30/2021
Suzhou is a component of the Yangtze River Delta. Suzhou’s gross domestic product (GDP) is ranked the second highest in the Yangtze River Delta and the sixth highest across China. Suzhou New District is the city’s second largest national development zone after the Suzhou Industrial Park (SIP), with over 30 years of history. CapitaLand Development (CLD), the development arm of CapitaLand Group, has entered into a 50:50 joint venture with Mitsubishi Estate Co., Ltd., to invest RMB 1.5 billion (about S$ 318 million) to develop a business park in China’s Suzhou New District. Construction of the project will begin in 2022 and the business park is expected to be completed in 2024. CLD will undertake the master planning and development of the business park, while the operations will be managed by CapitaLand Investment Limited.
Sitting on a 5-hectare plot of land within the central business district of Suzhou New District, the business park will have a total construction area of over 220,000 square meters. It will feature multi-tenanted buildings with provisions for research and development (R&D) activities as well as community and lifestyle amenities. It will cater to demand from 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.
Mitsubishi Estate collaborated on the recently completed Singapore-Hangzhou Science & Technology Park Phase 3 in Hangzhou Economic and Technological Development Area with CLD.
In 2017, CapitaLand partnered with a corporate entity of the Suzhou Industrial Park government to launch Suzhou Center Mall and Suzhou Center Office in the western central business district of SIP, right next to the renowned Jinji Lake.
Keywords: Temasek Holdings.