Mapletree Investments has won the right to develop a logistics site on a 50-year land grant in Hong Kong for HK$3.7bn (€425m) from the Special Administrative Region’s Lands Department.
Through its subsidiary, Titanium 2, Mapletree submitted the sole tender for the 443,128sqm site at Tsing Yi Town Lot No 202 in the New Territories.
Tsing Yi Town Lot No. 202 is designated for logistics services and public vehicle park purposes. The maximum gross floor area that may be attained is 227,836sqm for developing multi-storey modern logistics facilities and a public vehicle park.
A spokesman for the Transport and Logistics Bureau said: “The positive market response to Tsing Yi Town Lot No. 202, which is the first of such sites, clearly reflects the trade’s continual confidence in Hong Kong’s role as an international logistics hub.
“The government will release the remaining three logistics sites in a timely manner, taking into consideration the market situation.”
Mapletree’s real estate portfolio in Hong Kong includes another logistics asset, also in Tsing Yi, and the Festival Walk shopping centre in Kowloon.
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