Prime Corporation Enterprise has spent 40 years building the region's most critical cold chain infrastructure. Now is the moment to own it.
Explore the Opportunity →The ASEAN cold chain logistics market is valued at approximately USD 19.76 billion in 2026 and projected to reach USD 25.54 billion by 2031. Singapore's cold chain perishables market alone is expected to double by 2034.
Institutional capital has recognised this opportunity — and moved decisively. Two major platforms launched within 60 days of each other at the end of 2025 and early 2026.
Every one of them is acquiring existing operators or contracting third parties to build. None of them has what PCE has.
"The race to assemble regional cold chain platforms is under way, and Singapore appears to be the starting line." — The Loadstar, February 2026
Every institutional platform has seeded in Singapore. None has announced a Johor Bahru asset. JB offers Singapore-adjacent demand at Malaysian land costs — with the JS-SEZ creating additional tailwinds. PCE already has 19 Malaysia project references — the market credibility is already there.
PCE specialises in ammonia-based industrial refrigeration — the gold standard for large-scale cold chain. The engineering complexity of ammonia systems is precisely what creates PCE's moat. Contractors who get it wrong create systemic problems — facilities that cannot hold temperature, spiralling energy costs, safety risks that trigger regulatory shutdowns.
PCE builds it correctly. And as a co-owner of the platform, PCE has equity at stake in every system it designs — the ultimate alignment of engineering excellence with ownership incentive.
Cold chain engineering at industrial scale is a niche discipline with very few operators globally capable of delivering ammonia-based systems to institutional standard. PCE is one of them — and 160 built projects across 17 countries is the proof.
Transcribed from PCE records. For indicative purposes — verify with PCE before external circulation.
Projects by country
Technical category mix
Regional breakdown
Southeast Asia country share
The PCE Cold Chain Development Platform converts PCE's engineering capability into a permanent, income-generating asset ownership business. Each asset is developed, owned, and managed through a dedicated SPV — ring-fencing risk while building a portfolio that compounds in value over time.
The platform targets a mix of greenfield development, brownfield conversion, and existing asset acquisition — starting in Johor Bahru as the proof of concept, then expanding across Southeast Asia and into India.
New purpose-built cold chain on acquired land. PCE designs and builds at cost. All parties hold equity.
Existing warehouse shells converted to cold chain. Faster to market, lower entry cost.
Acquire operating cold chain assets, upgrade with PCE engineering, reposition for institutional tenants.
PCE today operates as an engineering contractor. Revenue is project-based — once handed over, PCE's income ends. The client captures all long-term value.
| Revenue stream | Nature |
|---|---|
| Engineering contracts | One-time per project |
| Equipment supply | One-time per project |
| Commissioning | One-time per project |
| Ad-hoc maintenance | Irregular, not guaranteed |
| Asset ownership | None |
| Portfolio value | None |
The platform transforms PCE into a developer-owner with compounding income streams across every asset — recurring, growing, building toward a substantial exit.
| Revenue stream | Nature |
|---|---|
| Guaranteed build contracts | Recurring — every new asset |
| Development profit | Per asset on completion |
| Maintenance margin (in opex) | Annual, per asset |
| Asset management fees | Annual, per SPV |
| Equity appreciation | Compounds over hold period |
| Post-REIT sponsor fees | Permanent, post-exit |
10,000 pallets · JB · Singapore institutional tenants · Value-added services
10,000 pallet JB facility. PCE as main contractor — shell subcontracted. Land acquired separately by JV.
PCE assumed as main contractor with shell subcontracted. Land funded by JV. Maintenance margin included in 38% opex — not double-counted. Asset value = NPI ÷ cap rate. All figures illustrative based on JB market benchmarks. Pallet rates, occupancy, costs, and equity splits to be confirmed during platform structuring. Not a financial forecast.
PCE has spent 40 years building assets worth hundreds of millions for clients who captured all the long-term value. The platform changes that permanently.
A portfolio of 8 stabilised cold chain assets across Southeast Asia, generating consistent rental income, positions the platform for one of three exit pathways.
Sale to an infrastructure fund or institutional buyer — Lineage, Stonepeak, Morrison, or sovereign wealth. PCE's equity converted to cash at institutional multiples.
Platform listed as a dedicated cold chain REIT on SGX. PCE retains sponsor stake and becomes permanent O&M provider — generating recurring fees indefinitely.
Sale-and-leaseback on individual assets while retaining the platform. Recycles capital into new assets, locks in gains on completed ones.
GIC, Temasek, and Singapore GLCs are mandated to acquire food infrastructure with guaranteed Singapore offtake. PCE holds equity in exactly the asset class they are actively seeking.
8 assets · 10,000 pallets each · NPI ~S$2.8M/asset · PCE 1/3 equity · Base 7.5% / Upside 6.25% cap rate
Cap rate compression from 7.5% to 6.25% — driven by institutional cold chain REIT development in SEA — adds ~S$8M to PCE's equity per asset without changing a single lease.
Asset value = NPI ÷ cap rate. 7.5% reflects conservative JB cold chain rate. Upside reflects cap rate compression as SEA institutional interest intensifies. PCE as main contractor — subject to JV negotiation. Illustrative only.
Each asset requires three partner categories working in concert. Arun's 18 years of institutional relationships across Singapore's real estate, capital markets, and infrastructure community is the connective layer that originates, structures, and aligns all three — from first conversation through to exit.
Development phase capital comfortable with a 7-year hold. Move decisively without governance constraints of listed vehicles. Aligned with the real asset and food security narrative.
Freight, distribution, 3PL, and last-mile cold chain — connecting the facility to Singapore and regional markets from day one and anchoring the ancillary revenue streams.
Institutional real estate developers and Singapore-listed REITs — bringing land origination, development capital, and the REIT infrastructure that makes the exit pathway real.
The institutional players entering this market are acquiring their way in. This platform is built from the ground up — with the right technical foundation in PCE, the right network to assemble the partners, and a clear path to a REIT exit that no acquisition-led competitor can replicate on the same timeline.
PCE has the engineering capability, the track record, and the client relationships that make this platform real. What this opportunity requires is a dedicated partner with institutional real estate and capital markets experience to build and execute the platform full time. That is where I come in.
I know how institutional capital thinks and how to structure a platform that REITs, infrastructure funds, and sovereign wealth will back.
Warm relationships across Singapore's REIT, developer, family office, and infrastructure fund community — the right doors at the right level.
SPV architecture, capital structure, governance frameworks, and investor reporting — the institutional discipline that makes the platform fundable.
REIT positioning, investor relations, asset valuation, and transaction management — managing the exit so PCE realises the full value.
This is not a services contract. This is a formal partnership to build a platform that transforms PCE's business — starting with three clear commitments.
Southeast Asia's cold chain infrastructure gap is one of the region's most significant and least addressed real asset opportunities. The capital is arriving. The question is who builds the platform with the right technical foundation — and whether PCE leads that story or watches others tell it.
The capital is arriving. The institutional race has started. PCE has the technical foundation that no competitor can manufacture. This is the moment to build something permanent — and to own the value of it.
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