||China : Mapletree celebrates grand opening of logistics redevelopment in Shanghai with full occupancy in Phase 1
||Mapletree Logistics Trust Management Ltd. (MLTM), as Manager of Mapletree Logistics Trust (MLT or the REIT), celebrated its latest redevelopment Mapletree Ouluo Logistics Park (MOLP) Phase 1 in Pudong New District, Shanghai, China.
At the opening ceremony, Mr Chan Chun Sing, Minister of Trade and Industry of Singapore, together with Mr Stanley Loh Ka Leung, Ambassador to the Peoples Republic of China, Mr Lee Chong Kwee, Chairman of MLTM, and Mr Lee Ark Boon, Mapletree Chief Executive Officer for China Logistics Development, unveiled a plaque to mark MLTs successful completion of the first phase of its MOLP redevelopment.
MOLP the first redevelopment project by MLT in China has secured strong precommitment from both existing and new tenants, including leading third-party logistics providers. Notably, Phase 1 achieved full occupancy immediately upon completion of the redevelopment.
Mr Lee Chong Kwee, MLTM Chairman, said: "The redevelopment of MOLP is an excellent case study of Mapletree realising its asset potential and generating good returns to its investors. We are optimistic about the prospects of logistics real estate in Asia. In addition, new trade agreements and the Belt and Road Initiative (BRI) are poised to increase the demand for logistics facilities.
MOLP was redeveloped as part of Mapletrees revitalisation scheme in China to improve warehouse efficiency, enhance asset value and rejuvenate the logistics facility. Situated 10 kilometres away from Shanghai Pudong International Airport, MOLP makes it an ideal location for airport distribution facilities. It is also adjacent to the main highway between the Shanghai Waigaoqiao Free Trade Zone and the Yangshan Port.
MLT acquired the original warehouse in April 2006 and 11 years later, in April 2017, Mapletree began redevelopment works. MOLP Phase 1 was completed in September 2018, while Phase 2 is slated for completion in March 2020.
Upon completion of the entire redevelopment, MOLP will be transformed into four blocks of double-storey ramp-up modern warehouse and yield about 80,700 sqm of gross floor area, a 2.4 times increase from the previous specifications.
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