COSCO Shipping International, through its wholly-owned subsidiary, Cogent Jurong Island, has accepted the offer made by JTC Corporation, for the lease of the land at Tembusu Crescent at Jurong Island.
The land comes with a 30-year lease commencing from Feb 1, 2025. It measures 25,000 sqm (269,097.76 sq ft) with a maximum gross plot ratio of 2.5.
JTC issued the letter on Nov 13, while Cogent Jurong Island accepted on Nov 29. The latter will take possession of the land on Dec 1.
According to COSCO Shipping, Cogent Jurong Island will develop the second phase of Jurong Island logistics hub on the land. The first phase of the development, which occupies 3.5 hectares of land with around 87,500 sqm of built-up area, was completed on April 2021. The built-up area in the first phase of the development comprises a 50,000 sqm warehouse and a 14,000 sqm storage yard.
Shares in COSCO Shipping closed 0.2 cents higher or 1.49% up at 13.6 cents on Nov 29.
