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LOGOS, a logistics specialist with operations across Asia, has agreed to conditionally acquire an industrial site at 4 Pandan Crescent in Singapore for an unnamed price.
Upon completion of the deal, the existing three-storey industrial property will be redeveloped into a modern ramp-up ecommerce hub at a total cost of around $270 million.
“Large sites in prime locations that can accommodate modern, ramp-up logistics facilities are limited. At 48,224 sq m, the site contains under-utilised plot ratio which offers immense potential for redevelopment into an e-commerce logistics hub,” said Brenda Ong, executive director of industrial & logistics services at marketing agent CBRE.
The new six-storey logistics facility with ancillary office space will contain about 110,000 sq m of net lettable space. Construction is expected to start in 2019, with completion of Phase I targeted by late-2020.
“Singapore is a key investment market for LOGOS and we are committed to growing our business in this region,” said its managing director for Southeast Asia, Stephen Hawkins.
“The redeveloped 4 Pandan Crescent will be the one of the few ecommerce focused facilities in Singapore and LOGOS is excited to be involved in the transformation of Singapore’s logistics industry.”
The investment in 4 Pandan Crescent is being made by LOGOS Singapore Logistics Venture, which has four other assets here comprising two development sites and two multi-storey warehouses.
The transaction is subject to the approval of JTC Corporation.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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