Singapore’s Mapletree wins land tender, adds Tsing Yi logistics site to Hong Kong assets
Hong Kong has granted Singapore's Mapletree Investments a 50-year land lease in the New Territories for approximately HK$3.68 billion (US$473 million). The land, located in Tsing Yi, will be used for logistics purposes. Mapletree's unit, Titanium 2, was the sole bidder for the 44,318-square-metre site.
The Transport and Logistics Bureau views the "positive market response" as a sign of confidence in Hong Kong's continued role as an international logistics hub. The government plans to release three more logistics sites in a timely manner, considering market conditions. Mapletree already has a significant real estate portfolio in Hong Kong, including an 11-story logistics hub and the Festival Walk shopping center. The newly acquired parcel can support a large multi-story logistics facility and a public car park. Mapletree, wholly owned by Temasek Holdings, made its first foray into Hong Kong's greenfield development in 2013 with a HK$1.69 billion investment in Tsing Yi.
via SCMP Full Text Feed
Hong Kong has granted Singapore's Mapletree Investments a 50-year land lease in the New Territories for approximately HK$3.68 billion (US$473 million). The land, located in Tsing Yi, will be used for logistics purposes. Mapletree's unit, Titanium 2, was the sole bidder for the 44,318-square-metre site.
The Transport and Logistics Bureau views the "positive market response" as a sign of confidence in Hong Kong's continued role as an international logistics hub. The government plans to release three more logistics sites in a timely manner, considering market conditions. Mapletree already has a significant real estate portfolio in Hong Kong, including an 11-story logistics hub and the Festival Walk shopping center. The newly acquired parcel can support a large multi-story logistics facility and a public car park. Mapletree, wholly owned by Temasek Holdings, made its first foray into Hong Kong's greenfield development in 2013 with a HK$1.69 billion investment in Tsing Yi.
via SCMP Full Text Feed
