LOGOS & Yang Kee Logistics acquire interest in a $150 million development in Tuas South, Singapore
Monday 15th August 2016
LOGOS SE Asia (LOGOS), together with Yang Kee Logistics, are pleased to announce its partnership to develop a $150 million 5 level ramp-up warehouse in the Tuas South area of Singapore.
The property is located in Tuas, one of the more established and consistently developing industrial submarkets in Singapore. The area is supported by an extensive road network and is located close to major industrial clusters such as Jurong. In 2012, the Singapore Government announced its intention to relocate its world-class transshipment port operations to a purpose-built site located at Tuas.
The development will consist of a 5 level ramp-up logistics facility with office space, cafeteria, and a container yard, with a total GFA of up to 66,000 sqm. The parties intend to commence development immediately following acquisition, subject to obtaining all relevant planning and construction approvals. The construction program is forecast to run for 18months, with practical completion expected by end of Q1 2018.
LOGOS SE Asia Managing Director, Stephen Hawkins said: ‘Singapore is a key investment focus for LOGOS and the opportunity to embark on the first development project is in line with the LOGOS’ investment strategy. This first development project in South East Asia highlights LOGOS” expansion within the South East Asian region. It is being completed with our partner Yang Kee Logistics who will enter into a long term lease over the total project.”
John Marsh, Joint Managing Director of LOGOS said “This development strengthens the key LOGOS strategy of expanding alongside strategic partners and capital providers. Logos has a good development pipeline of Land banks throughout SE Asia, including opportunities in Jakarta and Kuala Lumpur. A key part of our growth through Asia to date has been development led with existing occupying partners. We see this growth and strategy continuing as we expand our footprint across Asia.”
Group CEO of Yang Kee Logistics, Ken Koh said: “As a total logistics solutions provider, we look forward to this strategic partnership with LOGOS to develop futuristic logistics facilities that will enhance Singapore’s ability and productivity to meet the growing needs of the region.”
The project has been acquired on behalf of the LOGOS Southeast Asia Venture (“LSAV”), being a partnership established in early 2016, between LOGOS and its capital partners to acquire and develop prime logistics estate across Southeast Asia.
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