Singapore will have a dedicated halal hub in two years’ time, which is dubbed as the most advanced of its kind in Southeast Asia.
To be located at the western region of the republic, the hub will house halal food processing units, central kitchens, cold-rooms, a Halal Excellence Centre and logistics operations in a multi-storey state-of-the-art complex.
Singapore’s Elite Partners Capital said this in a statement today in conjunction with the signing of a strategic partnership with the Singapore Malay Chamber of Commerce and Industry (SMCCI) to develop the 600,000 sq ft halal hub at a cost of between S$80 million (RM242.9 million) and S$100 million.
“Singapore has been looking to develop an integrated halal business platform in the last few years. This proposed halal hub is a step in the right direction and will greatly contribute to the speed and efficiency of halal-related business processes,” said the project’s advisor, Zainul Abidin Rasheed.
Zainul Abidin is also the Singapore ambassador to Kuwait and a special envoy of the Minister for Foreign Affairs to the Middle East.
The agreement is conditional on Elite Partners and SMCCI fulfilling the conditions precedent from Jurong Town Corporation to develop the site.
Construction will take about two years to complete.
SMCCI is a non-profit organisation that supports the interests of the Malay/Muslim business community in Singapore.
The partnership will leverage on SMCCI’s position as a touchpoint between the local and international business communities to enable Singaporean companies to scale, expand and globalise their halal operations.
“We are pleased to be a part of this initiative to develop Singapore into a global halal hub. We believe that the hub will be at the forefront of innovation in the halal industry and can offer businesses a huge leg up in terms of procurement, production, distribution and international expansion,” SMCCI president Shamir Rahim said.
Elite Partners will be responsible for conceptualisation, funding and asset management of the hub, which will offer its tenants opportunities for digitalisation, partnerships and branding initiatives.
The hub will leverage on Elite Partners’ management team, who have decades of experience in private equity, asset management and investments.
“The hub will complement the halal industry while enhancing business processes through the integration of halal-related services in one ecosystem,” said Victor Song, Elite Partners chief executive officer and managing director.
The two partners intend for the hub to serve the blue ocean market in the Asia Pacific region where there is a significant demand for halal food.
With its strong legal framework, quality control and logistical and services infrastructure, Singapore is well-equipped to become Asean’s halal hub.
Beyond logistics and connectivity to international markets, tenants will also have access to a wide range of legal, administrative and information technology-related functions.