Mapletree unveils revamped logistics park in Pudong

Singapore-headquartered Mapletree, a leading real estate development, investment, capital and property management company, unveiled Sunday the first phase of its latest redevelopment Mapletree Ouluo Logistics Park in Shanghai's Pudong New Area, part of the company's revitalization scheme in China to improve production efficiency, enhance asset value and rejuvenate the logistics facility.

Development cost for MOLP, a two-phase project located some 10 kilometers away from Shanghai Pudong International Airport, is about S$70 million (US$50.9 million). Upon completion of the second phase, which is set to conclude in March 2020, it will be transformed into four blocks of double-story ramp-up modern warehouse and yield about 80,700 square meters of gross floor area, a 2.4 times increase from the previous specifications.

"MOLP is the group's first redevelopment project in China and its first phase achieved full occupancy immediately upon completion," said Lee Chong Kwee, chairman of Mapletree Logistics Trust Management Ltd. "We are optimistic about the prospects of logistics real estate in Asia and this redevelopment project is an excellent case study of the group realizing its asset potential and generating good returns to its investors."

Mapletree acquired the facility in April 2006 and began redevelopment works in April 2017. The first phase of MOLP was completed in September 2018.

First tapping into China in 2005, Mapletree has over 60 logistics projects spanning across more than 20 cities in China.

"We'll continue to increase investment in China where the huge potential of the domestic consumer market has been boosting the demand for high-quality modern logistics facilities and services," said Lee Ark Boon, Mapletree chief executive officer for China logistics development. "We will remain focused on first and second-tier cities to further expand our footprint here while also tap some selected third-tier cities where our clients have the demand."