NEW York listed property group AMB Property Corporation has entered the South Korea property market with a 363,000 square foot development project in the Incheon Free Economic Zone next to the cargo terminal area of Incheon International Airport.
AMB chairman Hamid R. Moghadam said last night that as the world’s second largest airport as measured by cargo volumes, Incheon International is the primary logistics hub serving Korea and greater Northeast Asia.
“Our expansion into this market is a logical step as we continue to offer modern distribution facilities in major gateway markets throughout Asia, Europe and North America,” Moghadam said.
Moghadam said AMB is bringing its international standards for strategically-located and functional facilities to South Korea, as the country seeks to enhance its competitiveness in the logistics sector.
Incheon International Airport is currently undergoing an expansion and is expected to have cargo handling capacity of 4.5 million metric tons by 2008.
Named AMB ICN Logistics Center, the 363,000 square foot facility incorporates the latest design standards and flexibility to accommodate multi- tenancies.
“With this development, AMB brings Class A airport logistics product to South Korea, building on the momentum that the government and airport initiated by making significant infrastructure investments in Incheon and its International Airport,” AMB’s president, Europe & Asia Guy Jaquier added.
“Further, as the first third-party development at Incheon, we will be meeting pent-up demand for logistics space. AMB ICN Logistics Center is ideal for domestic delivery, international air delivery and freight forwarding companies looking to locate at this world class airport.”
AMB ICN Logistics Center is being developed by AMB, with Hyundai Engineering & Construction as the general contractor. Construction is expected to be completed by the end of 2007.
AMB’s Asia portfolio is comprised of operating and development real estate in China, Japan, Singapore and South Korea — a portfolio totalling approximately 9 million square feet of distribution and logistics space facilitating global trade.
AMB has offices in Japan, China and Singapore, and is opening an office in Seoul to oversee the development of AMB ICN Logistics Center and initiate additional investments in South Korea.
Australian Property Journal
