Aspen completes acquisition of Penang land

MALAYSIA developer Aspen (Group) Holdings has acquired approximately 45 acres of land in Bandar Cassia, Batu Kawan, Penang, Malaysia from Penang Development Corp at an aggregate consideration of RM98 million (S$32.3 million).

The acquisition was made through a subsidiary of Aspen, and the parcel is intended to be developed as part of Aspen Vision City, as disclosed in Aspen's initial public offering documents in 2017.

A deposit of RM19.6 million had already been paid in 2017. The balance purchase price was paid using internal resources and through the full drawdown of the Islamic flexi term financing facility of RM70 million granted by Hong Leong Islamic Bank Berhad to the Aspen subsidiary.

Aspen shares last traded at S$0.125 on Dec 28.