MAINBOARD-LISTED Soilbuild Group Holdings yesterday said it has clinched the Concept-and-Fixed Price Tender (CPT), called by JTC Corporation, to develop and lease Fusionopolis Phase 2B.
The proposed development, estimated to cost about $148 million, is a 16-storey multi-tenanted facility at one-north in the Buona Vista area. It will cater to the infocommunications, media, science and engineering research and development industries. This is Soilbuild’s fifth CPT contract with JTC.
Fusionopolis Phase 2B sits on a 7,734 square metre site with a plot ratio of 6.5, which translates into a maximum gross floor area of 50,271 sq m.
It will comprise an office space white component of about 7,200 sq m and a retail space of 300 sq m. The development is expected to take 22 months to complete, with the target date set for the second half of 2009.
Soilbuild’s winning design for Fusionopolis Phase 2B is by world-renowned architect Ken Yeang, who impressed JTC with his green and sustainable building concept.
Low Soon Sim, Soilbuild’s executive director, said the group was confident that Fusionopolis Phase 2B would attract strong interest.
He said the award of the project tied in with the group’s overall strategy to grow its recurrent income stream through its business space segment.
‘The shorter development cycle also complements the two-to- three-year investment-to- sales cycle for our core residential property segment,’ he said.
“With the full year contribution in 2008 from our current three completed investment properties, we are on course to meet our medium-term target of $10 million in annual recurrent income since we began our expansion into the business space segment in 2005.”
In all, Soilbuild has about two million square feet of business space in the pipeline.
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