SINGAPORE (EDGEPROP) - CapitaLand Development, the development arm of CapitaLand Group, has partnered Mitsubishi Estate to develop a business park in China’s Suzhou New District. The two companies have entered into a 50:50 joint venture to invest RMB1.5 billion ($318 million) in the new project, which is expected to be completed in 2024.

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CapitaLand Development and Mitsubishi Estate previously partnered in the development of the Singapore-Hangzhou Science & Technology Park Phase 3 in the Hangzhou Economic and Technological Development Area.

CapitaLand Development will take charge of the master planning and development of the business park, while the eventual operations of the development will be handled by CapitaLand Investment.

The new business park sits on a 5ha plot within the CBD of Suzhou New District. The project will cater to tenant demand in high-tech new economy sectors such as information and communication technologies, smart manufacturing, artificial intelligence, and biomedical science. The project will feature multi-tenanted buildings with provisions for research and development activities, as well as community and lifestyle amenities.

“Leveraging the group’s extensive track record in creating vibrant communities with an optimal mix of live-work-play spaces, the new business park will enable CapitaLand to further tap into the promising growth prospects of Yangtze River Delta and support the group’s pivot to new economy assets,” says Tan Tze Shang, CEO of CapitaLand Development China.