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Singapore’s property firm buys into Shanghai’s premium office building
Online Edition
ASCENDAS-SINGBRIDGE, a property solution provider based in Singapore, completed the acquisition of a premium office building in downtown Huangpu District as the company further expands its portfolio of high-quality commercial real estate assets in China's gateway cities.
The company didn't disclose the exact acquisition cost of the 14-storey building, which is located at 686 Jiujiang Road with a total gross floor area of 24,883 square meters above the ground.
The project will be renamed and upgraded by Ascendas-Singbridge following the acquisition, and will be built into a vibrant center of activity that caters to the emerging needs of new and growing enterprises. The enhanced building will also provide more flexible and intelligent workspaces to fuel the growth of innovative enterprises, according to the company.
Ascendas-Singbridge first tapped the Chinese market in 1995 and has so far grown its footprint in 11 Chinese cities including Shanghai, Suzhou, Hangzhou, Dalian, Beijing, Guangzhou, Jilin, Xi'an, Chongqing, Chengdu and Tianjin. The company's China portfolio mainly consists of sustainable urban developments, business parks, IT parks and office projects.
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