16 STRENGTH IN UNITY for future development. Amid the macro challenges, we remained focused on consistently developing and delivering high value projects at scale. Development activity was solid with US$6.3 billion and US$4.2 billion of starts and completions, respectively, in the year. Our APAC presence is robust and well-diversified. In total, only 2% of the development starts were in Mainland China where we materially slowed the pace of new development projects. 61% of development completions were mainly from Australia, Japan, South Korea, followed by 30% from Mainland China. Similarly, in terms of work-in-progress projects, Japan, South Korea, and Australia and New Zealand took the majority at 52%, India/SEA, and Hong Kong were at 26%, and data centres made up a further 13% of the total. Our Data Centre business, which is a key growth catalyst, is expected to be an increasing contributor to the Group with 24% of development starts in the year. Upon completion of our first batch of eight facilities across APAC under our inaugural US$1.35 billion ESR DC Fund 1, we will have 575 MW of data centre capacity. In addition, we are working on a pipeline of land and projects which will contribute more than one gigawatt (1 GW). Aside from data centres, we would like to take this opportunity to spotlight some of our up-and-coming landmark projects that will create new benchmarks in the market. Our subsidiary LOGOS is currently developing the A$4.2 billion 243-hectare Moorebank Intermodal Precinct, Australia’s largest intermodal logistics precinct that will offer unmatched supply chain benefits, warehousing opportunities, and connectivity with on-site linkages with future inter/intrastate rail linehaul. In Japan, we are developing the US$1.5 billion 500,000 sqm multi-phase logistics park, ESR Kawanishi Distribution and Techno Park, one of the largest and most significant urban rezoning developments to accommodate the country’s ongoing expansion in e-commerce. In South Korea, we are developing the US$800 million 685,475 sqm logistics park, Busan New Port, located in Greater Busan, South Korea’s largest container terminal and the world’s sixth largest port by volume. As part of our expansion plan across SEA, we are developing the ESR Asia Suvarnabhumi industrial estate and have commenced a built-to-suit development for Nasdaq-listed Advanced Energy’s flagship factory within the ESR Asia Laem Chabang industrial estate in Thailand. Winner of global MIPIM Awards, 2024 held in Cannes: ESR Higashi Ogishima Distribution Centre
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