SINGAPORE - An associated company of Malaysian developer Aspen (Group) Holdings will invest RM600 million (S$200.7 million) to develop an acquired industrial site in Shah Alam, Selangor, into a "sustainable integrated logistics and warehousing hub" spanning 3.3 million sq ft of built-up area.
Announcing this on Wednesday (June 13), 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 28.7ha in Shah Alam for RM190 million.
GVL envisions the industrial project to cater to a multinational tenant mix. Rooftop solar panels will also be installed.
The gross development value of the proposed development will be determined once the development plan is finalised, Aspen said in its announcement on Wednesday.
GVL will fund the proposed development through bank borrowings and internal resources.
Aspen announced the acquisition in late November 2017. It noted in Wednesday's announcement that the seller of the land, Chemical Company of Malaysia Berhad, had received an extension of time to obtain its shareholders' approval by March 2, pushing back the timeline for GVL to pay the balance of the purchase price. This payment was made on June 7.
"With our experienced partner and the strategic location of the development, we are confident that this development will complement the Digital Free Trade Zone," said M. Murly, Aspen's president and group chief executive officer. "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."