It is being built by Singapore FreePort, a company which operates a round-the- clock free trade zone modelled after the Swiss Freeports in Zurich and Geneva.

The facility, located near the airport's Terminal 3, offers 22,500 sq m of storage space, about the equivalent of five football fields. Some 40 per cent of it will be taken up by auction house Christie's.

There will also be a phase two of the project. To be completed in 2014, it will offer another 24,000 sq m of space and cost about $70 million.

Read the full story in Tuesday's edition of The Straits Times' Life!