Singapore-based Mapletree Investments, wholly owned by Temasek Holdings, has secured a 50-year land lease in Hong Kong’s New Territories. The Lands Department stated that the parcel of land, costing around HK$3.68 billion (US$473 million), was granted to Mapletree on Tuesday. Mapletree’s subsidiary, Titanium 2, was the exclusive bidder for the logistics site in Tsing Yi, which spans 44,318 square metres (approximately 477,000 sq ft).

The Tsing Yi Town Lot 202, as it’s known, received a favourable market response. A representative from the Transport and Logistics Bureau emphasized this as a sign of unwavering trust in Hong Kong’s standing as a key international logistics centre.

The Bureau spokesperson also mentioned that three other logistics sites are slated to be launched soon, depending on the market conditions.

Mapletree’s real estate assets in Hong Kong include a grade-A 11-storey logistics centre in Tsing Yi, offering a total floor area of 120,550 square metres. The Festival Walk shopping complex in Kowloon Tong, offering 112,297 square metres of gross floor area, is also part of their portfolio.

The newly-acquired plot can accommodate a multi-level logistics facility and a public car park, with a maximum gross floor area of 227,836 square metres. Mapletree made its initial investment in Tsing Yi in 2013, spending HK$1.69 billion on its first greenfield development in Hong Kong.