SINGAPORE - The Australian unit of Frasers Centrepoint Ltd is developing over A$190 million (S$205 million) worth of new industrial assets in Melbourne.

In a media release on Tuesday (July 25), Frasers Property Australia said it has seen "unprecedented demand" for new warehouses in two of its Melbourne industrial parks.

Four new tenants have committed to 10-year leases in new purpose-built facilities in The Key Industrial Park in south-east Melbourne, while one firm has purchased a 16,000 sq m warehouse there. These deals will create new assets with an end value of approximately A$120 million.

West Park Industrial Estate in west Melbourne has two new leases which will create new assets totalling S$70 million in end value.

Frasers Property will develop and build all of the new facilities in both industrial parks.

Mr Anthony Maugeri, general manager of Southern Region for Frasers Property, said: "Melbourne's South East and West continue to attract high-quality tenants looking to benefit from the efficiencies and technologies that we offer in new state-of-the-art logistics centres."