Business Times: Thu, Aug 16
MAPLETREE Investments Pte Ltd has started construction on its latest logistics facility development in China.
In its announcement yesterday on the groundbreaking of Mapletree (Zheng-zhou) International Logistics Park (MZILP), Mapletree said that MZILP will be a grade A logistics facility with a gross floor area of 81,000 square metres developed on 200 mu (133,000 sq m) of industrial land.
About 50 per cent of the development has been pre-leased to a leading third-party logistics operator, with another 20 per cent of the space being finalised to be taken up by an international retailer and an industrial conglomerate, said Mapletree.
"There is strong demand for grade A logistics facilities in Zhengzhou as can be seen from the robust leasing momentum," said Hiew Yoon Khong, Mapletree's group chief executive officer.
"We have already secured some 70 per cent pre-commitment for MZILP before the commencement of construction. With its strategic location in Zheng-zhou and easy access to key transportation networks, the park is ideally located for regional distribution purposes serving this economically vibrant market," Mr Hiew added.
Zhengzhou is the capital of Henan province and also its largest city in terms of gross domestic product, and is a major transportation hub serving central China, Mapletree's announcement said.
It is sought after by third-party logistics players and manufacturers as a central distribution hub to serve the 100 million population in Henan, the announcement added.
"China is a key market for Mapletree and we will continue to scale up our presence here in all real estate asset classes. The rapidly growing consumer market in China has generated significant demand for high quality and modern logistics facilities. To capture this demand, we are continually exploring good locations for logistics development," Mr Hiew said.
"To this end, Mapletree recently signed two other memoranda of understanding to secure land in Wujiang and Xi'an to develop logistics facilities."
To date, Mapletree has developed five logistics parks in China in the cities of Beijing, Tianjin, Shanghai and Wuxi, valued at more than US$200 million.
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