The Ministry of National Development (MND) announced on Thursday that it has signed the Heads of Terms Agreement to take up a 30-year lease for 29,300 square metres of office space in the Lend Lease’s white site development at the Jurong Gateway.
This marks the first time a government agency is committing to a long-term lease with a private developer in its development project.
MND announced last year that, together with its statutory boards the Agri-Food & Veterinary Authority (AVA) and the Building and Construction Authority (BCA), it will relocate to Jurong Gateway by 2015.
This will free up prime office space in the Central Business District for higher-value uses, reduce occupancy costs for the government, as well as catalyze the new growth area at Jurong Gateway.
The first white site at Jurong Gateway, next to Jurong East MRT station, was awarded to Lend Lease in June 2010.
Scheduled for completion in 2014, the mixed development comprises of office and retail space.
Source : Channel NewsAsia – 4 Mar 2011