A $70 million storage facility to be built by Singapore Freeport

Art collectors in Asia have a good reason to cheer as they are soon going to get a place to park their pieces. Singapore Freeport, a company which operates a round-the-clock free trade modeled after the Swiss Freeports in Zurich and Geneva, are to open a storage facility near Changi Airport worth $70 million in January next year. A storage space of 22,500 sq m (equivalent to five football fields) will be offered by the facility located near the Airport’s Terminal 3. Even before we say it, you’d already have guessed that the popular auction house, Christie’s will take up about 40% of the space. Phase II of the project is set to be completed by 2014, and will offer another 24,000 sq m of space and will have an identical budget as that of the first phase.

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