SINGAPORE - Aspen (Group) Holdings has, via its 30 per cent-associate company Global Vision Logistics, entered into a sales and purchase agreement to acquire 71 acres (28 hectares) of industrial land in Shah Alam, Selangor, Malaysia from Chemical Company of Malaysia Berhad for RM190 million (S$62.6 million).
The group plans to develop the land into a sustainable integrated logistics, warehousing and e-commerce hub, which will consist of warehouses, storage areas, distribution centres, offices, e-commerce services, transportation hub and packaging facilities. It will also enjoy direct access to KTM lines and major highways.
The group is in the midst of finalising the master plan and the gross development value will be determined by the group once the master plan is finalised.
M Murly, chief executive of Aspen Group, said: "With the transformation of Industry 4.0 and the evolution of e-commerce, we will transform this piece of industrial land into a forward thinking world-class logistics hub, with sustainable and integrated industrial facilities and advanced intelligent services. Given the strategic location, superior connectivity and accessibility, and strong demand for logistics services; the land has the potential for a quick turnaround development model, of which it will provide advanced and integrated logistics facilities and services not only to the local players but also to the regional and international players." Post-acquisition, the group's landbank will increase to 334 acres.