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| Source: Elite Partners Capital. The proposed Halal Hub will be state-of-the-art. |
Singapore's Elite Partners Capital and the Singapore Malay Chamber of Commerce and Industry (SMCCI) have partnered to develop a 600,000 sq ft Halal Hub in West Singapore. The agreement is conditional upon Elite Partners and SMCCI fulfilling the condition precedents from Jurong Town Corporation to develop the site.
Victor Song, CEO and MD of Elite Partners said: “The Hub will complement the halal industry while enhancing business processes through the integration of halal-related services in one ecosystem."
The dedicated facility will house halal food processing units, central kitchens, cold rooms, a Halal Excellence Centre and logistics operations. The project is estimated to cost between S$80 – S$100 million, and construction will take approximately two years.
SMCCI is a non-profit organisation that supports the interests of the Malay/Muslim business community in Singapore. The partnership will leverage 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.
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 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, both organisations said. Beyond logistics and connectivity to international markets, tenants will also have access to a wide range of legal, administrative and IT-related functions.
Zainul Abidin Rasheed, Singapore ambassador to Kuwait and Special Envoy of the Minister for Foreign Affairs to the Middle East, an advisor on the project, said: “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."
Shamir Rahim, President of SMCCI said: “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.”
*This term comes from Blue Ocean Strategy, a book about marketing theory. It refers to new market spaces that currently have few competitors.