Ascendas Firstspace looking to enter qcom logistics warehousing mkt

Warehouses or dark stores larger than 3,000 sq ft would lead to longer time durations for quick commerce deliveries, affecting the business cases for players like Blinkit, Zepto, Instamart and others

Singapore-based CapitaLand-backed Ascendas Firstspace is aggressively looking to gain a foothold in the quick commerce logistics warehousing market, where dark stores ranging between 2,000-3,000 sq ft sporadically located across urban centers are in high demand.

 

“We don’t have any in-city developments right now but we’re actively looking out. We haven’t found the right piece of land for the right price for us to invest, which made sense for us from a return perspective, but we’re definitely keen,” Aloke Bhuniya, chief executive officer at Ascendas Firstspace Development Management, told Business Standard.

 

The company has nearly $6 billion in assets under management