Logistics specialist LOGOS buys industrial site for redevelopment
By Timothy Tay
/ EdgeProp |
Global logistics real estate specialist LOGOS has entered into a conditional sale and purchase agreement to acquire the Tien Wah Press building at 4 Pandan Crescent, announced CBRE which brokered the sale. The acquisition is subject to JTC Corporation’s approval.
“The site contains under-utilised plot ratio which offers immense potential for redevelopment,” says Brenda Ong, executive director of industrial and logistics services at CBRE. She notes that large sites that can accommodate modern, ramp-up logistics facilities are “limited”.
LOGOS intends to redevelop the existing three-storey industrial property, which sits on a 519,078 sq ft site, into a modern e-commerce logistics hub for an estimated total development cost of $270 million. The new development will be a six-storey ramp-up logistics facility with ancillary office space, offering a net lettable area of about 1.2 million sq ft.
An artist impression of the new development at 4 Pandan Crescent (Picture: LOGOS)
“The redeveloped 4 Pandan Crescent will be the one of the few e-commerce focused facilities in Singapore,” says Stephen Hawkins, LOGOS Southeast Asia managing director. “We are currently in discussions with a number of potential tenants with regard to this development,” he adds.
“We have observed growing interest among e-commerce players for integrated e-commerce logistics facilities,” says Ong. Such facilities offer storage solutions, automated sortation, and last mile services like self-collection and delivery, she adds.
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