CapitaLand Development partners with Mitsubishi Estate for $235m business park in Suzhou New District
CapitaLand Development (CLD), the development arm of CapitaLand Group, has entered into a 50-50 joint venture with Mitsubishi Estate Co. Ltd., one of Japan’s largest real estate groups, to invest RMB1.5 billion ($235 million) to develop a business park in China’s Suzhou New District.
Construction of the project will begin in 2022, and the business park is expected to be completed in 2024. CLD will undertake the master planning and development of the business park, while the operations will be managed by CapitaLand Investment Ltd.
Sitting on a five-hectare (12-acre) plot of land within the central business district of Suzhou New District, the business park will have a total construction area of more than 220,000 square meters (2.4 million square feet). It will feature multi-tenanted buildings with provisions for research and development (R&D) activities, as well as community and lifestyle amenities. It will cater to demand from tenants in high-tech new-economy