Snippets
Aspen ventures into logistics and warehousing
Ang Hui Hsien 30 Nov 2017 18:45

Penang-based property group Aspen (Group) Holdings Ltd is making its maiden foray into the logistic and warehousing segment by developing a logistics hub in Shah Alam, Selangor. 

It entered into a sale and purchase agreement to acquire three parcels of industrial land in Selangor’s state capital from Chemical Company of Malaysia Bhd for RM190 mil.

The acquisition, made via its 30%-owned investment holding company Global Vision Logistics Sdn Bhd, will be funded by bank borrowings and internal resources.

The group intends to develop the 28.7ha into a sustainable integrated logistics, warehousing and e-commerce hub as well as other mixed developments which include warehouses, storage facilities, distribution centres, offices, e-commerce services, transportation hub and packaging facilities.

On completion, the project is expected to be one of the country’s most strategic logistics hubs. Its gross development value will be determined later.

“Given the strategic location, superior connectivity and accessibility, and strong demand for logistics services, the land has the potential to be a quick turnaround development model.

“It will provide advanced and integrated logistics facilities and services not only to local players but also regional and international players,” says Aspen Group president and CEO Datuk Murly Manokharan.

He adds the acquisition marks the group’s venture into the logistic, warehousing and e-commerce business segment.

Aspen Group is a Malaysia-based property development group focusing on developing affordable residential and mixed development properties at strategic locations targeting middle-income mass market purchasers.

Its flagship project is Aspen Vision City, a 99.1ha freehold mixed development in Batu Kawan, Penang, which will house the first Ikea store in the northern region of Peninsular Malaysia.

The group listed on Singapore Exchange’s Catalist board in July.