Ascendas-Singbridge buys commercial building in Shanghai

ASCENDAS-SINGBRIDGE Group on Monday announced the acquisition of a premium-grade commercial building in Shanghai, in line with its plan to grow its portfolio of commercial assets in China's tier-1 cities.

The company declined to disclose the purchase consideration for the building.

Located at 686 Jiujiang Road, Huangpu District, the development has a total above-ground gross floor area of 24,883 square metres. The 14-storey building is near Shanghai city centre's core business district of People's Square and Nanjing Road Pedestrian Street.

There are local enterprises and foreign corporations in the financial services, creative, technology, professional advisory services and other knowledge-intensive industries located there.

Following the acquisition, Ascendas-Singbridge plans to rename and upgrade the building.

"The upgraded development will cater to the emerging needs of new and growing enterprises, providing a lively and connected environment that will enable the new generation of workers and industries to thrive. The enhanced building will also provide more flexible and intelligent workspaces to support the growth of innovative enterprises, contributing to China's thrust towards a knowledge economy," it said.