Aspen in JV to develop M'sia residential project

Singapore

MALAYSIA developer Aspen (Group) Holdings is in a joint venture (JV) to redevelop a piece of leasehold commercial land in Selangor, Malaysia into residential service apartments with full facilities. The total gross development value of the project is estimated at RM300 million (S$99.1 million).

Aspen will pay landowner Selangor Agricultural Development Corporation (PKPS) RM58.8 million - which is 20 per cent of the project's gross development value - for development rights to the 12,185 square metre piece of land, under the JV between Aspen's subsidiary and PKPS, the group said in an exchange filing on Wednesday.