Industrial property firm LOGOS and Singapore-listed CSC Holdings Limited (CSCHL) will redevelop 2 Tanjong Penjuru Crescent into a modern six-storey ramp-up warehouse, for an estimated total development cost of S$108 million.
The redevelopment forms part of LOGOS’ newest Singapore fund, the Singapore Logistics Venture 2, which recently closed with an investment capacity of S$1.2 billion for the acquisition and development of high quality, modern logistics properties in Singapore.
Located within the established Jurong Industrial Estate, 2 Tanjong Penjuru Crescent benefits from convenient access to Singapore’s CBD and Jurong Lake District and is well served by major expressways including the Ayer Rajah Expressway and West Coast Highway.
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The existing four-storey industrial property will be redeveloped into a 46,000sqm modern six-storey ramp-up logistics facility with office space, a cafeteria and roof top parking. The new facility will include a built-to-suit high specification workshop for CSCHL, who has committed to a long-term pre-lease for the property on completion. The redevelopment will maximise land potential and will see a significant increase in built-up area upon completion.
Stephen Hawkins, Managing Director of LOGOS’ South East Asia business, said: “We continue to see strong interest from both investors and tenants in logistics real estate in Singapore; a sector which is underpinned by strong, enduring market fundamentals and continues to provide an essential service to the local community, especially in the current market conditions”.
LOGOS Singapore Logistics Venture 2 is the Group’s third venture in Singapore and includes investments from two existing capital partners.
“Located within one of Singapore’s key logistics hubs and offering close proximity to the seaports, 2 Tanjong Penjuru Crescent is a strategic addition to our portfolio as we look to expand and strengthen our specialist logistics real estate platform in the Singapore market. We look forward to working with CSCHL on redeveloping this property,” Mr Hawkins added.
LOGOS is working within the local governments COVID-19 lockdown requirements and construction of the new facility will commence post these requirements, subject to relevant planning and construction approvals. Practical completion is expected by end of Q4 2021.