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The construction project will focus on developing the road and utilities infrastructure of a new business park on the Killyliss Road.
This will release an additional 26 acres of useable land that will accommodate the future growth and investment plans of Invest NI client companies, said Enterprise Minister Arlene Foster.
"Whilst the global slowdown continues to impact on our local economy, it is important that we plan for the longer term by ensuring that sufficient land, with the necessary infrastructure, is in place to support new investment opportunities as they arise," she said.
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The Minister said Invest NI has a limited portfolio of land and property options available across Northern Ireland.
"With all of its industrial land at Granville in Dungannon already allocated, this investment will support and encourage new investment projects by providing the type of flexible property solutions which can be fundamental to investor decisions," suggested Ms Foster.
She added: "This major investment further demonstrates Invest NI’s commitment to its wider land acquisition strategy which aims to acquire and safeguard industrial land in priority areas across Northern Ireland."
Work is expected to be completed in December 2010, with land available for sale from early 2011.
(PR)(BMcC)
