- Project will triple the size of LSI's co-working laboratory space operations in Singapore

- Able to serve customers requiring larger spaces for their R&D

- Partnership with recognized property developer a boon to the LSI brand

- Plans for international expansion of co-working laboratory business

SINGAPORE, Oct 6, 2023 - (ACN Newswire) - ACROMETA Group Limited ("ACROMETA", or the "Company" and together with its subsidiaries, the "Group"), an established specialist engineering service provider in the field of controlled environments serving mainly the healthcare, biotechnology, pharmaceutical, research and academia sectors, today announced that its 70% owned subsidiary company Life Science Incubator Pte Ltd ("Life Science Incubator" or "LSI") has entered into a Management Agreement (the “MA”) with HB Universal Pte Ltd, a subsidiary of Mainboard-listed Ho Bee Land Limited.

The MA engages LSI to operate and manage a co-working laboratory centre at Elementum, One-North, a building in the heart of Singapore’s biomedical industry district. The MA is for an initial period of six (6) years with an option to renew the MA for a further six (6) years by mutual agreement.

The MA engages LSI to operate, manage, promote and market the co-working laboratory centre; and to provide management and consultancy services for the business. The proposed project will triple the size of LSI’s co-working laboratory space operations in Singapore. With the expanded space, the operations at Elementum will be able to attract companies that require larger Research and Development (“R&D”) space, as well as enable existing LSI customers who want to expand their R&D activities to do so.

The MA follows on the heels of LSI’s recent expansion of its co-working lab space business. On 6 April 2023, Acrometa announced to SGXNet that Life Science Incubator signed an MOU with a renowned German commercial property group to be the anchor tenant for its planned Brisbane co-working laboratory space project. On 21 March 2023, AcroMeta announced that it had signed an MOU with a Thailand industrial waste disposal company for the construction and operation of a laboratory for the testing and certification of solid waste and sludge. The construction of the laboratory would be done by Acrometa’s wholly-owned subsidiary Acromec Engineers, and LSI would operate the laboratory; with an option for joint ownership.

Mr Levin Lee Keng Weng, ACROMETA's Executive Chairman, commented: “Biomedical sciences is an integral part of Singapore’s future economy with its focus on high value-add industries. Co-working laboratory spaces allows SMEs and startups to kickstart their R&D without incurring initial high CAPEX. There is a rising number of SMEs and startups needing co-working laboratory spaces with specialized infrastructure to conduct their R&D to bring their innovative products to the market. That is where LSI comes in.”

Mr Lee added, “Having a working partnership with Ho Bee Land, a well-known and established property developer, would solidify the LSI brand of co-working laboratory spaces. This will position us for international expansion of the LSI brand that we are planning, as there is demand for co-working laboratory space in major cities and industrial hubs globally.”

Reference:

https://links.sgx.com/1.0.0/corporate-announcements/SC90A0YKN02PFDZS/28c5ad55d8d648b608d9fb066a8c4a834c84667232efed4f6ad1c5fc5f46e3c2

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