The launch of e-commerce platform, eCapitaMall, by CapitaLand and the redevelopment of a logistics warehouse in Jurong by Logos. Colliers' thought-leaders weigh in on this week's property news highlights.
CapitaLand on Friday said it will be launching an e-commerce platform eCapitaMall as well as an online food ordering platform Capita3Eats to complement the sales of its shopping malls in Singapore.
The property group's latest move is aimed at driving sales for retailers during the first phase of Singapore's reopening, from June 2, and beyond, the company said.
Both platforms will be accessible to the public via the CapitaStar app and CapitaLand's mall websites from June 1.
Jonathan Denis-Jacob, Associate Director, Advisory & Consulting:
The launch of the eCapitaMall and Capita3Easts platforms is forward-looking, and was created to bridge the gap between the brick-and-mortar and online retail environments.
These new platforms will strengthen the positioning of the CapitaLand retail portfolio in the virtual space by providing greater online exposure, improved transaction capability and seamless shopping experience for consumers.
A better integration of the physical retail locations and online e-commerce platform is a key strategic consideration for shopping malls in Singapore as e-commerce continues to rise by a double digit figure every year. We expect more shopping centre operators across Singapore and Asia to follow suit and provide their tenants with an integrated online platform in the coming years to increase their share of the growing e-commerce pie.
Australian logistics property specialist Logos is partnering Singapore Mainboard-listed CSC Holdings Limited (CSCHL) to redevelop a site at Tanjong Penjuru Crescent into a six-storey warehouse, for an estimated total development cost of S$108 million.
This redevelopment forms part of Logos' newest Singapore fund, called Singapore Logistics Venture 2.
In a statement, Logos said the fund recently closed with an investment capacity of S$1.2 billion for "the acquisition and development of high quality, modern logistics properties in Singapore". The existing four-storey industrial property at 2 Tanjong Penjuru Crescent, located in Jurong Industrial Estate, will be redeveloped into a 46,000-square-metre six-storey ramp-up logistics facility with office space, a cafeteria and rooftop parking.
Steven Tan, Senior Director of Investment Services:
The current pandemic has resulted a boost in e-commerce, delivery services, personal protection equipment (PPE), etc. The surge for such activities has thus generated demand for logistic spaces, and Logos is probably riding on the growth to meet logistics needs with modern specifications.
Tanjong Penjuru is located near to Jurong Gateway, Tuas Second Link and Hospitals. Accessibility to the central business district (CBD) is just a short drive via the West Coast Highway and Ayer Rajah Expressway (AYE), which makes this a very good location for logistic space.