SINGAPORE (Feb 14): Ascendas-Singbridge Group and Mitsui Co have signed an agreement to jointly own and operate two office buildings in Shanghai, Ascendas Innovation Place (AIP) and Ascendas Plaza (AP), through a 55:45 partnership.
Ascendas-Singbridge is jointly owned by Temasek Holdings and JTC Corporation through a 51:49 partnership, while Mitsui is one of the largest general trading houses in Japan.
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This marks the first collaboration between both companies in China, and their fourth joint project in Asia.
Under the partnership, Ascendas-Singbridge and Mitsui intend to collaborate in the development and upgrading of the two buildings, while working closely together in areas such as investments and leasing.
AIP, which has a total gross floor area (GFA) of 24,883 sqm, recently celebrated its official opening in Nov 2018 at 686 Jiujiang Road following a series of refurbishment works.
It is located near People’s Square in Shanghai, and combines ’thebridge’, Ascendas-Singbridge’s flexible workspace offering, with conventional office spaces.
On the other hand, AP is a 27-storey Grade ‘A’ building located in Tianyaoqiao Road in Xujiahui, one of Shanghai’s major sub-centres. It currently serves as the headquarters of Ascendas-Singbridge Group’s China operations.
The building, which has a GFA of 44,003 sq m inclusive of a five-storey retail podium, is currently undergoing refurbishment works which are expected to complete by 2Q19.
Post the refurbishment, Ascendas-Singbridge says it expects AP to become a landmark building in the Xujiahui district with an integrated offering of high-quality offices, co-working spaces and commercial facilities.
He Jihong, CIO of Ascendas-Singbridge, believes the latest partnership with Mitsui will position the group well to capture a 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. With our complementary strengths, extensive regional knowledge and combined expertise, we look forward to working closer with each other to continue building on our successful track record in the Asian market,” says He.
