Aspen associate to develop logistics hub in Selangor
Singapore
AN associated company of Malaysian developer Aspen (Group) Holdings will invest RM600 million (S$200.7 million) to develop an industrial site in Shah Alam in Selangor into a "sustainable integrated logistics and warehousing hub".
The facility will have 3.3 million sq ft of built-up area.
Announcing this on Wednesday, Aspen said its associate Global Vision Logistics (GVL), in which it holds a 30 per cent share, has completed the acquisition of three plots of leasehold industrial land totalling 71 acres at a cost of RM190 million.
GVL envisions a multinational tenant mix with second-party, third-party and fourth-party logistics options. Rooftop solar panels will be installed.
Aspen noted the project's " well-developed, mature and centralised location" near major highways and KTM train stations; Kuala Lumpur and Petaling Jaya are also close by.
The gross development value of the proposed development will be determined once the development plan is finalised, Aspen said.
The company had announced the acquisition in late November 2017.
It said on Wednesday that the seller of the land, Chemical Company of Malaysia Berhad, had been given more time - until March 2 - to obtain its shareholders' approval, which pushed back the timeline for GVL to pay the balance of the purchase price.
This payment was made on June 7.
Aspen's president and group chief executive officer M. Murly, said: "With our experienced partner and the strategic location of the development, we are confident that this development will complement the Digital Free Trade Zone.
"The region has now embraced the Internet economy and e-commerce in a big way, and we are positive that this development will elevate Aspen Group's corporate profile."
Aspen's shares closed unchanged at 20.5 Singapore cents on Wednesday.
