Singapore-based vertical farming company VertiVegies has canceled its plan to construct one of the largest indoor vegetable farms in the country. The farm, planned on a 2-hectare plot in Lim Chu Kang, aimed to increase local vegetable production by 10%, producing six tons daily, including xiao bai cai, nai bai, and cabbage. However, the project faced construction delays due to issues with its joint venture partner, SananBio, a Chinese farming company providing the production hardware. As a result, VertiVegies returned the plot of land to the Singapore Food Agency (SFA) in April 2022, significantly impacting the country’s goal of producing 30% of its nutritional needs locally by 2030.
VertiVegies’ financial statement for FY2023 indicated the inability to find viable alternatives for enhancing production since returning the land, affecting future revenue forecasts. Despite these setbacks, the company is pivoting its business strategy to explore other options that will contribute to Singapore’s 30 by 30 goal. Besides the halted Lim Chu Kang project, VertiVegies operates a research and innovation center at Science Park and raises awareness about local food production through partnerships with schools. The returned plot has since been re-tendered to SC Investment for $198,000, as per SFA’s April 4 statement.
(Source: The Straits Times)
