In Hangzhou, China
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PRIME Minister Lee Hsien Loong yesterday joined Ascendas to celebrate the completion of the first building of the Singapore-based company's $700 million Singapore-Hangzhou Science and Technology Park here.
Mr Lee, on a four-day working trip to China's Zhejian province and Shanghai, was accompanied by his wife Ho Ching and Singapore officials.
The 43ha project, in the heart of the Hangzhou Economic Development Area, is Ascendas's first integrated park development in Hangzhou, the provincial capital of Zhejian and its state-level business process outsourcing (BPO) city.
The park is a joint venture with the Hangzhou Economic and Technological Development Area Asset Management Group.
Ascendas is Asia's leading business space solutions provider, with projects in Singapore, China, India, South Korea and the Philippines. It develops, manages and markets IT parks, industrial and logistics parks, business parks, science parks, high-technology facilities and office and retail space.
The first building in the Singapore-Hangzhou Science and Technology is named Lyra, after heavenly constellation. The completed eight-storey building is already 50 per cent occupied and there is 'an encouraging pipeline of potential tenants', Ascendas said in a statement.
Current occupants of the 10,000-square-metre building include service providers in BPO, IT outsourcing (ITO) and creative industries, it said.
The next two buildings in phase one of the project - Hydra and Nexus - are scheduled for completion by July. Together, the three blocks will provide 56,000 sq m of floor space.
Ascendas said China's National Ministry of Housing and Urban-Rural Development has praised phase one of the project and awarded it the West Lake Cup for high quality and safety standards.
Plans for subsequent phases include multi-tenanted buildings, build-to-suit facilities and recreational amenities 'in a lush garden setting with generous water features', Ascendas said.
There will also be retail shops, convention centres and serviced apartments, it said. 'In total, these will yield 800,000 sq m of built-up space and support for a working population of 30,000 to 50,000 knowledge professionals from burgeoning service industries, including BPO and ITO, as well as R&D activities.'
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