SINGAPORE (March 20): Ascendas-Singbridge Group announced it has acquired a premium grade commercial building in Shanghai, China.

Located at 686 Jiujiang Road, Huangpu District, the development has a total above-ground gross floor area of 24,883 sqm.

The 14-storey building is near Shanghai city centre’s core business district of People’s Square and Nanjing Road Pedestrian Street, in close proximity to a wide range of food and beverage outlets as well as retail amenities.

The purchase consideration for the building was not disclosed.

In a filing on Monday night, the group says the acquisition is in line with the its strategic plan to grow its portfolio of high-quality commercial assets in China’s tier-one cities.

Jointly owned by Temasek Holdings and JTC Corporation through a 51:49 partnership, Ascendas-Singbridge is the asset and investment holding arm of the integrated urban solutions platform formed by Temasek and JTC to capitalise on urbanisation trends in the region.

Following the acquisition, Ascendas-Singbridge plans to rename and upgrade the building.

The upgraded development will cater to the emerging needs of new and growing enterprises.

The enhanced building will also provide more flexible and intelligent workspaces to support the growth of innovative enterprises.

“With easy access to Shanghai Metro stations and surrounding amenities, the development has been a choice location for local enterprises and foreign corporations in the financial services, creative, technology, professional advisory services and other knowledge-intensive industries,” says Ascendas-Singbridge.

Ascendas-Singbridge first entered the Chinese market in 1995, pioneering the “Ready-Built Facilities” concept at Ascendas-Xinsu in China-Singapore Suzhou Industrial Park.

Over the past 20 years, the group has grown its presence steadily in 11 key cities, which include Shanghai, Suzhou, Hangzhou, Dalian, Beijing, Guangzhou, Jilin, Xi’an, Chongqing, Chengdu and Tianjin

Headquartered in Singapore, Ascendas-Singbridge has projects in 29 cities across 10 countries in Asia, including Australia, China, India, Indonesia, Singapore and South Korea.

Ascendas-Singbridge has a substantial interest in and also manages three Singapore-listed funds under its subsidiary Ascendas.

Besides these listed funds – Ascendas REIT, Ascendas India Trust and Ascendas Hospitality Trust, Ascendas also manages a series of private real estate funds, which hold commercial and industrial assets across Asia.