Ascendas Land has formed a joint venture with Mitsui & Co to develop the S$370m ($295m) Fusionopolis Phase 5 business park in Singapore.
The planned development is a 1.92ha site situated within one-north district of Singapore, and close to the one-north MRT station and Fusionopolis Phase One.
Upon receiving the necessary approvals from the relevant agencies, Mitsui and Ascendas Land jointly established a special purpose company, known as Ascendas Fusion 5, for the project.
Ascendas and Mitsui will hold 75% and 25% stakes respectively in the joint venture company.
As per the deal, Ascendas Fusion 5 will own, develop and manage the business park featuring retail, office and work-office-home-office business space, a concept known as "WOHO".
Fusionopolis Phase 5 will be a 17-storey multi-tenanted facility with a floor area of 67,490m², to be built on a 19,283m² area.
The new building will have a direct connection to the one-north subway station, which is close to the city centre, and will be situated close to an expressway junction.
The development is anticipated to offer readily built spaces and lifestyle amenities to industries like info-communication technology, media, electronics, physical sciences and engineering.
Mitsui general manager of the urban planning & development division Reiji Fujita said that Japanese companies are moving into Asia and expanding their business activities as part of their globalisation strategies.
"We are confident that the project will meet the needs of these companies looking to invest in Singapore," Fujita said.
Construction is anticipated to start by the end of 2012 and complete in the fourth quarter of 2014.
Fusionopolis is a 30ha development started in 2003 and is being carried out in phases.
Phases 1 and 2B were completed in July 2008 and October 2010 while phases 3 and 4, currently under construction, are slated to be completed by 2013. Phase 2A is due to complete by 2014.
Image: The planned development is a 1.92ha site situated within one-north district of Singapore. Photo: Ykyeo at en.wikipedia.