A-REIT submits S$110m bid for business park site at Fusionopolis - Channel NewsAsia

A-REIT submits S$110m bid for business park site at Fusionopolis - Channel NewsAsia

SINGAPORE : Mainboard-listed Ascendas REIT (A-REIT) has submitted a S$110 million bid for a business park site at Fusionopolis.

A-REIT said this property, together with its existing properties within the one-north region and the neighbouring Science Park I and II, will enhance its market leadership position in the Business & Science Parks segment.

The trust is planning to develop the business park site into a modern suburban business facility, comprising 60 per cent business park space and 40 per cent office space.

It also hopes to attract tenants in the Infocomm Technology and media industries, as well as R&D activities in Physical Science and Engineering.

A-REIT said the total development cost of the property is not expected to exceed 3.3 per cent of A-REIT's deposited property as at 31 March 2011.

The 6,253 square metre site, with a 60-year land lease tenure and an allowable plot ratio of 4.0 times, is located in the one-north master plan region.

The tender for the site was launched under the Government Industrial Land Sales Programme by the Jurong Town Corporation.