OREANDA-NEWS. December 18, 2012. On November 5, 2012, a groundbreaking ceremony was held at the site of the Fusionopolis Phase 5 project in the business park located at One North district of Singapore. Mitsui & Co. ("Mitsui") has a 25% stake in this building development project. The Singapore government has been implementing a national development scheme in the One North district since 2001. With facilities that include the National University of Singapore, the Singapore campus of the French business school INSEAD, and the Ministry of Education headquarters, the area has become a hub for dynamic research activities based on industry-academia collaboration. The aim of the project is to support the development of high-added-value industries, including biomedical science, ICT, media, natural sciences and engineering, by creating world-class research facilities and a business park. Completion is scheduled for the end of 2014.

Among the 150 people present at the grand groundbreaking ceremony were the Japanese Ambassador Suzuki to Singapore, President and Chief Executive Officer Chong Siak Ching of Ascendas Pte Ltd., a major government-owned real estate development company that will provide 75% of the investment for project, and President Chia of Ascendas Fusion 5 Pte Ltd. Mitsui was represented by Executive Managing Officer Yamauchi, who is Chief Operating Officer of the Asia Pacific Business Unit.

The ceremony took place during Singapore's rainy season. Although the day began with a thunderstorm, the rain had ceased by the time of the ceremony. The ceremony began with speeches by President Chong and President Chia. Executive Managing Officer Yamauchi then made a speech, during which he received loud applause from the audience by quoting a Japanese proverb about rain helping to consolidate the ground.