CapitaLand Development (CLD), the development arm of CapitaLand Group, has entered into a 50:50 joint venture with Japan’s Mitsubishi Estate Co to invest RMB1.5 billion ($318 million) to develop a business park in China’s Suzhou New District.
Accordingly to a press release by CLD dated Dec 30, the project is located on a five-hectare plot of land within the central business district of Suzhou New District, with a total construction area of over 220,000 sq m. It will feature multi-tenanted buildings with provisions for research and development (R&D) activities as well as community and lifestyle amenities.
CLD will undertake the master planning and development of the business park, while the operations will be managed by CapitaLand Investment.
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