22 August 2012

Mitsui to participate in a Building Development Project in Singapore Business Park

22 August 2012 - Mitsui & Co., Ltd. (Head Office: Chiyoda-ku, Tokyo) will collaborate with Ascendas Pte Ltd., a major real estate developer, a wholly-owned subsidiary of Singaporean government (JTC Corporation), on a building development project within a business park that is being developed in the one-north district of Singapore. Mitsui will be the first Japanese company to participate in this project. After obtaining the necessary approvals from the relevant agencies, Mitsui and Ascendas Land (Singapore) Pte Ltd, a wholly owned subsidiary of Ascendas Pte Ltd., jointly established an SPC (special purpose company) on August 22, 2012. Mitsui owns 25% of the new company. 

The one-north district is a national development project launched by the government of Singapore in 2001. The 200-ha development is strategically positioned in the heart of Singapore and designed to host a cluster of world-class research facilities and business parks — all built to support growth in Biomedical Sciences, Infocomm Technology (ICT), Media, Physical Sciences and Engineering. The building that is to be developed is called "Fusionopolis Phase 5" ("the project"). It is centrally located within one-north's Fusionopolis cluster, which offers state-of-the-art research facilities that promote infinite possibilities in scientific research and technological breakthroughs. For ease of access on foot or by car, the new building will have a direct connection to the one-north subway station, which is close to the city center, and is also located close to an expressway junction. 

In addition to the business park buildings in Fusionopolis and one-north, leading institutions and facilities in the surrounding district include the National University of Singapore, the Singapore campus of the French business school INSEAD, and the Ministry of Education headquarters. The Fusionopolis cluster is fast becoming a major center for research activities based on industry-academia cooperation and when fully completed, will encourage interdisciplinary research among private and public institutions. 

Mitsui has adopted new business models for industrial real estate in Japan and overseas. In addition to its experience in development and REIT (real estate investment trust) management in relation to office buildings and logistics facilities in Japan, it has also been involved in AM (asset management) business for REITs aimed at industrial facilities in Singapore. Japanese companies are moving into Asia and expanding their business activities as part of their globalization strategies. The purpose of this project is to meet the needs of those companies and contribute to industrial and economic development from a global perspective by creating infrastructure for expansion into Singapore, in line with that country's national strategy of becoming a business hub for Asia. Mitsui's networks encompass a wide spectrum of industries, and we will actively use those networks to explore and develop opportunities for further collaboration with Ascendas, which is one of Asia's leading business space developers. 

Source: Mitsui