Singapore’s Mapletree wins land tender, adds Tsing Yi logistics site to Hong Kong assets

Hong Kong has awarded Singapore’s Mapletree Investments a 50-year land grant to a parcel of land in the New Territories for about HK$3.68 billion (US$473 million), according to the Lands Department on Tuesday.

The “positive market response” to the site, known as Tsing Yi Town Lot 202, “clearly reflects the trade’s continual confidence in Hong Kong’s role as an international logistics hub”, a spokesman for the Transport and Logistics Bureau said.

Three other logistics sites will be released “in a timely manner, taking into consideration the market situation”, he added.

The parcel can support a maximum gross floor area of 227,836 square metres for a multi-storey logistics facility and a public car park.

Wholly owned by Singapore investment firm Temasek Holdings, Mapletree paid HK$1.69 billion in 2013 for its first site in Tsing Yi, which was its first greenfield development in Hong Kong.