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Boustead Projects Limited, via its wholly-owned subsidiary BP-DoJo LLP, has secured a contract from JTC Corporation to develop a multi-tenanted business park development at Mediapolis.
Located at the junction of one-north Avenue and Media Circle, the development is planned as a 12-floor business park building with two basement levels. The 30-year leasehold site has a land area of 9,872.5 sq m and a proposed allowable gross floor area (GFA) of 39,490 sq m.
In an SGX filing, Bousted Projects revealed that the site was awarded based on the innovative development concept and a winning bid price of S$88.9 million, evaluated from among three competing bids.
With construction works starting in Q1 2017, the development is expected to be completed by the fourth quarter of 2018.
The development is Boustead Projects’ first project at Mediapolis and third project in JTC’s one-north, following the completion of GlaxoSmithKline’s new global headquarters for Asia and the completed design-and-build of Seagate International Design Center – The Shugart in 2015.
“This development adds to the strong progress made on several fronts, with the establishment of multiple key strategic platforms for joint developments both locally and overseas. We are confident that we can continue to grow our reach, and broaden and deepen our capabilities,” said Boustead Projects managing director Thomas Chu.
With the new development, Boustead Projects’ portfolio of industrial leasehold facilities (both wholly-owned and jointly-owned) in Singapore will grow to 17 properties with an expected GFA approaching 228,000 sq m.
The development is not expected to materially affect Bousted Project Group’s earnings per share or net tangible asset value per share for the current financial year ending 31 March 2017.
Image: Artist’s impression of the aerial view of Mediapolis at one-north. (Source: JTC)
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
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