World Economy

Singapore, Guangdong Ink 17 Joint Projects

Singapore, Guangdong Ink 17 Joint ProjectsSingapore, Guangdong Ink 17 Joint Projects

Bilateral relations between Singapore and Guangdong, a Chinese province on the South China Sea coast, received a boost as 17 projects were signed during the 6th Singapore-Guangdong Collaboration Council (SGCC) meeting.

The projects, which span the healthcare, transportation, urban solutions and environmental services sectors, come as Guangdong looks to introduce reforms and restructure its economy, Channel NewsAsia reported Tuesday.

Speaking at the meeting, Transport Minister Lui Tuck Yew said: “For this year, the Council will focus on contributing to Guangdong’s development of an intellectual property (IP) ecosystem, its urban rejuvenation plans and enhancement of its global connectivity.”

In order to beef up its IP management and support emerging knowledge-based enterprises, Guangzhou Knowledge City is looking to build a pool of IP practitioners to take advantage of its new Intellectual Property Protection and Services Hub.

Guangdong is also looking to rejuvenate parts of its cities as it deals with fast-paced growth.

Mr Lui said that Singapore companies have been contributing to the province’s urban rejuvenation projects with their experiences and capabilities accumulated during Singapore’s developing years. CapitaLand China and urban solutions provider Surbana will both be signing agreements to contribute in healthcare and community development projects, he noted.

 CapitaLand-Jakarta Agreement

CapitaLand has also entered into a joint venture agreement (JV) with a subsidiary of Credo Group (CG) to develop an integrated development in Central Jakarta, with both companies each holding a 50 percent stake in the venture.

The integrated development, CapitaLand’s first in Indonesia, will comprise a Grade A office tower, mid- to high-end residential units, serviced residences and supporting retail space, spanning a total gross floor area of more than 40,000 sqm. Construction is expected to commence in 2015 and end in 2018, and the total development cost is estimated at S$220 million, CapitaLand said earlier Monday.

Under the agreement, the JV will acquire from CG a 1-hectare site located within the central business district of Jakarta.