The Economic Development Board (EDB) said this is Singapore's way of telling global investors that it can commit to long-term plans and build infrastructure ahead of time. These plans are important, not just for the logistics sector, but for the broader economy.

The logistics sector makes up eight percent of Singapore's gross domestic product.

That may be dwarfed by the manufacturing and financial sectors - each accounting for one-fifth of GDP - but the logistics sector is strategically important because it keeps many other industries moving.

Kelvin Wong, executive director of logistics at EDB, said: "By demonstrating to global investors that we are able to build this infrastructure ahead of time, and committing to those investments, will assure both logistics companies and other investors that Singapore is ready for that future as Asia grows. And because of that confidence and the long-term commitment, they will invest here in Singapore, (across) the whole value chain of activities, including logistics."

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