A-REIT to develop business park site at Fusionopolis

JTC Corporation has awarded the tender for the business park site at Fusionopolis to Ascendas Real Estate Investment Trust (A-REIT) for S$110 million.

Mr Tan Ser Ping, Executive Director and CEO of A-REIT, said the site will be developed into a modern suburban business space facility.

The manager of A-REIT said the development is expected to be completed in the third quarter of financial year 2013/2014, and would strengthen the trust’s position in the business and science parks segment.

The 6,200-square metre site has a 60-year lease, and is within walking distance to the one-north MRT station, which is expected to be operational in the fourth quarter this year.

With a plot ratio of 4.0, the zoned business park has set aside 40 percent of its space for offices.

Fusionopolis is the key development at one-north that supports infocomm technology and media industries, as well as R&D activities in physical sciences and engineering.

Source : Channel NewsAsia – 9 Jun 2011

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