Ascendas ties up with Japan's Mitsui to operate two Shanghai office buildings

The firms will oversee the development and upgrading of both buildings.

Urban development company Ascendas-Singbridge Group inked a deal with Japanese investment firm Mitsui to jointly own and operate Ascendas Innovation Place and Ascendas Plaza in Shanghai.

The firms will work on the development and upgrading of both buildings, along with other aspects such as investments and leasing.

Ascendas Plaza will serve as headquarters of the group in China and is currently undergoing refurbishment works that is expected to be completed by Q2 2019. Meanwhile, Ascendas Innovation Place will feature a mixed flexible and conventional office building. It recently opened in November 2018.

“We are pleased to enter into this new partnership with Mitsui, which will position us well to capture the growing demand for modern, quality workspaces in China. Ascendas-Singbridge Group and Mitsui share many similarities in our investment and operational philosophy in real estate sector,” said He Jihong, chief investment officer of Ascendas-Singbridge Group.

This latest foray marks the first collaboration between both companies in China, and their fourth joint project in Asia.

Photo credit: Ascendas-Singbridge Group website

Also Read

Surveyors report stable commercial property market amid healthy demand

Mama Shelter Singapore hits market for $195m

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit