HONG KONG-The Sydney, Australia-based Goodman Group is nearly complete on the $557 million construction of an unusual industrial property, a 24-story warehouse and distribution tower called Interlink. Company officials this morning held a topping-out ceremony for the 2.4-million-square-foot complex, which should be complete by January.
The complex is located on the industrial portion of the island of Tsing Yi, and is adjacent to Container Terminal 9 and Stonecutter’s Bridge. Numerous ports, intermodals and the airport are close by.
Six tenants, including DHL Supply Chain, Yusen Air & Sea Services and BEL International Logistics Ltd., have already pre-leased 81% of the complex. Trucks will enter the complex using a large, parking-garage style circular ramp, and inside the trucks can pull up to numerous loading areas. The ceilings are more than 18 feet high, and forklifts can move tons of cargo onto expanded elevators.
The design was necessary because of the increasingly constrained warehouse market in Hong Kong, especially as many existing buildings are being converted to residential and retail use, according to a Goodman statement.
Philip Pearce, managing director of the company’s Greater China division, said in the statement that the new complex compliments an ongoing strategic expansion into the neighboring country. The company has a number of developments ongoing or planned in China, including in Shanghai and Beijing, as well as a project in the secondary but growing market of Chengdu.
“Our current development opportunities in China are capable of delivering in excess of 5.4 million square feet of new warehousing and logistics space for our customers,” Pearce said. “With the prevailing undersupply of prime logistics space in China, our development pipeline and the land sites we have secured ensure that Goodman is very well positioned to capture the exceptionally strong demand.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
