Strong customer demand, particularly from e-commerce related customers, has translated to a strong growth of 50% year-on-year in development work in progress (“WIP”), as the Group’s current developments focus on highervalue projects with increased scale and higher quality. In FY2021, the Enlarged Group had a robust US$10.5 billion development WIP – the largest development workbook in APAC. Our development workbook is well-spread across our key APAC markets, and the Enlarged Group is wellplaced to benefit from a strong pipeline of quality, large scale developments. These are projects that will act as cornerstones of our core funds, local REITs and as key assets in the growth of the enlarged ESR-LOGOS REIT upon completion and stabilisation. In the near term, we can expect the completion of the larger scale projects including phase 1 of Moorebank in Sydney, Opo Logistics Park in Greater Seoul, Tuas Logistics Hub in Singapore and the phase 1 of Sachiura in Japan. In FY2021, the total investment value of our development completions was US$3.0 billion, representing 2.3 million sqm across our portfolio, and were largely in China, Australia, Japan, South Korea and India. Projects that were completed in 2021 include Logos Wuhan EWL, ESR Jiaxing Haining, Changwon and ESR Kawasaki Yako Distribution Centre. The Enlarged Group has also assembled a robust development pipeline of 24.3 million sqm, including a strong landbank of 5.1 million sqm to expand our portfolio moving forward, and leverage on the strong customer demand for logistics facilities. SELECTED WIP LOGISTICS PROJECTS Name of Project Location Expected Completion GFA (’000 sqm) Total Development Cost (US$ million) Moorebank1 Sydney, Australia 2022 (Phase 1) >860 ~800 (Phase 1) Higashi Greater Tokyo, Japan 2023 365 871 Sachiura2 Greater Tokyo, Japan 2022 (Phase 1) 196 (Phase 1) 864 (Phase 1) 2023 (Phase 2) 195 (Phase 2) Opo Logistics Park Greater Seoul, South Korea 2022 (Phases 1 and 2) 249 362 Tuas Logistics Hub Singapore 2022 (Phases 1 and 2) 248 576 Wiri Logistics Estate Auckland, New Zealand 2022 (Phase 2) 115 212 Notes: 1 The total development cost of Moorebank is estimated to be US$2 billion. For conservatism, only the first phase (US$1.1 billion) is included in the development starts and WIP book. 2 Exclude phase(s) that are not currently work-in-progress. OPERATIONS REVIEW DEVELOPMENT SEGMENT R E A C H I N G N E W H E I G H T S 90 PRO FORMA ESR GROUP
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